South Stream company still active – Russians long since out, Serbia waiting for alternative

The company South Stream still exists in Serbia, although the construction of this Russian gas pipeline was canceled three years ago, Blic reports.

According to the Business Registers Agency, the company was registered as South Stream in Novi Sad in November 2011. The Agency’s website says that this business entity is still active and that its fixed assets amount to around RSD 6.1 billion. The company is run by the head of Srbijagas, Dusan Bajatovic, but also Alexander Siromiatin.

As Blic reports, it is also interesting that the fixed assets were last increased in June 2016, by RSD 318.3 million. According to the latest official data published on the Business Registers Agency’s website, South Stream had losses of RSD 129,397,000 in 2013.

Although Srbijagas has not responded to Blic’s questions, unofficial information says that the company continues to be active in hope that the Turkish Stream will replace the withdrawn project and that Serbia will be able to use the company for the new pipeline.

Let us remind that Srbijagas and the Russian Gazprom founded a joint company for the construction of the South Stream pipeline through Serbia in November 2009 in Switzerland. Two years later, the daughter-company South Stream was founded in Serbia. Last year, the company was employing 11 people, but it is not known whether they’ve kept their positions or moved to other Gazprom facilities in Serbia, as is the case with another 30 workers who were initially employed at South Stream, Blic writes in the issue of December 14, 2017.

GASTRANS d.o.o. Novi Sad

JP Srbijagas Novi Sad

Gazprom Moscow

Gazprom

South Stream

Russian pipeline

construction of Russian pipeline

Dusan Bajatovic

Alexander Siromiatin

Turkish Stream

construction of South Stream