Chairman of Gazprom Alexei Miller CEO of GP Srbijagas Dusan Bayatovich today signed a protocol against the Serb part of the project South Stream, according to which, within 30 days of the parties established a joint project company South Stream Serbia AG.

The company will design, build and operate the pipeline section South Stream on the territory of Serbia. Gazprom's share in the SEC will be 51%, Srbijagas - 49%.

In addition, Alexei Miller, and Dusan Bayatovich signed an agreement establishing a joint venture of UGS 'Banat Yard. The agreement defines the conditions, procedures, institutions and mechanisms of the joint venture, whose functions will includethe construction and operation of underground storage active volume of 450 million cubic meters. M. Shares in JV UGS 'Banat Yard are distributed as follows: Gazprom - 51%, Srbijagas - 49%.

As noted in the announcement of Gazprom, South Stream and Banat yard - a strategically important projects for the whole of South-Eastern Europe. If construction of the transnational gas pipeline will allow Russia to diversify export routes for gas transit to reduce the risks, the creation of underground storage facilities - to optimize the amount of hydrocarbons supplied with seasonal loads.

Comprehensive implementation of these projects will contribute to strengthening energy security of Serbia, the provision of financial, resource and technological base for the development of industrial capacity, as well as making it a key player in the Balkan gas market - said Alexey Miller.
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