Saipem to Resume Operations for Black Sea Pipeline

Italian oil contractor Saipem said on Friday it would restart work on an offshore pipeline in the Black Sea after South Stream Transport BV lifted a suspension of the works.

 

Saipem had bagged contracts worth 2.4 billion euros last year mainly to build the first line of the South Stream pipeline from Russia to Bulgaria, but had to suspend work when the project was shelved in the face of objections from the European Union.

 

Saipem is 43 percent owned by oil major Eni.