SOUTH STREAM: STROYTRANSGAZ LEAVES
Russia's engineering construction company Stroytransgaz has withdrawn from the construction of the Bulgarian section of the South Stream project.
In May, a consortium comprised of Stroytransgaz and Bulgaria's Gasproekt Jug was awarded the contract to built the gas trunkline in the Balkan country. According to a note released back then, project investors were Gazprom and Bulgarian Energy Holding.
Stroytransgaz is controlled by Volga Group, investment vehicle in the hands of Gennady Timchenko. The US Treasury imposed sanctions on Timchenko in May.
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