Eni does not rule out leaving South Stream pipeline project

(ANSA) - Rome, November 4 - Italian oil and gas giant Eni cannot rule out leaving the South Stream natural gas project carrying energy from Russia to Europe, CEO Claudio Descalzi said Tuesday. "ENI will continue to engage in South Stream if required investment does not exceed 600 million euros, otherwise it will consider leaving the project," Descalzi said.
    "The four participants in the project are having difficulty finding funding," he continued.
    "But ENI would never be able to put up 2.4 billion euros, as this would be too risky for its financial balance," Descalzi said. Russian energy giant Gazprom is the majority shareholder in the South Stream natural gas pipeline project, which it is building along with Italian state-controlled energy conglomerate Eni.
    Other partners are France's EDF and German oil and gas Company Wintershall.