Russia's Stroitransgaz Wins Huge South Stream Pipeline Deal

A consortium led by Russia's Stroitransgaz, owned by sanctions-hit businessman Gennady Timchenko has won a deal, estimated at over 3 billion euros ($4.10 billion), to build section of the South Stream gas pipeline across Bulgaria, a Gazprom official said on Tuesday.

Leonid Chugunov told a press conference Stroitransgaz along with several Bulgarian firms had been selected from 11 bidders.

The pipeline is designed to bypass Ukraine, a transit route for gas Europe buys from Russia, and faces stiff resistance from European officials, who are trying to cut Europe's reliance on Russian energy.

($1 = 0.7325 Euros)

(Reporting By Tsvetelia Tsolova, editing by David Evans)