OREANDA-NEWS. November 23, 2007. In the presence of Vladimir Putin, President of the Russian Federation and Romano Prodi, Prime-Minister of Italy, Alexey Miller, Chairman of the Gazprom Management Committee and Paolo Scaroni, Chief Executive Officer of ENI signed a Supplement to the Memorandum of Understanding for the South Stream project execution.

The Supplement stipulates a Special Purpose Entity (SPE) set up with a view to execute marketing research and to develop feasibility study for the project.

Within the meeting Alexey Miller and Paolo Scaroni decided to establish SPE until January 15, 2008, to complete marketing research and feasibility study for the South Stream project until the end of 2008 and to start supply gas via the gas pipeline in 2013.

“Today’s event points to further development of the strategic partnership between our companies. I am sure that a new gas pipeline system, which meets modern environmental and technological requirements will significantly raise energy supply security of the whole European continent,” said Paolo Scaroni.

‘The Supplement signed today is both a significant contribution of our companies to the mutually beneficial cooperation development of Russia and Italy as well as a good example of integration for the benefit of European consumers. Our joint efforts and experience will allow to successfully implement this large-scale project, which is aimed at providing reliable and long-term gas supply to European consumers,” said Alexey Miller.