CJSC Stroytransgaz opens branches in three South Stream transit countries
MOSCOW. Aug 20 (Interfax) - CJSC Stroytransgaz (formerly known as Argus Pipeline), 30% of which is being acquired by Gennady Timchenko's and partners' Stroytransgaz Holding Limited, has opened three overseas branches, according to Interfax's SPARK database.
Branches have been registered in Bulgaria, Serbia, and Slovenia. All of these countries are participants in the South Stream gas pipeline project. An industry source previously told Interfax that Stroytransgaz is competing to secure contracts to build portions of South Stream in Bulgaria.
Stroytransgaz is already a contractor for the construction of one of South Stream's main compressor stations in Russia - the Kazachya compressor station.
Stroytransgaz is not commenting.
Timchenko, who is OJSC Stroytransgaz's primary shareholder, previously said that as part of the deal the company is contributing equipment, tools, and machinery to Argus Pipeline (CJSC Stroytransgaz). OJSC Stroytransgaz has experience abroad, particularly in Greece, the Czech Republic, Algeria, and other countries.
Joint ventures between Russian gas giant Gazprom and local companies will build the dry-land sections of South Stream in the European Union.
In conversation with Interfax, the source said that Russian contractors are likely to work jointly with local construction companies in the EU.