Russian buys out partners in South Stream project meant to splash on the European coast of the Black Sea. (Photo: Gazprom) Gazprom announced it bought out its partners at Italian energy company Eni, French major EDF and Germany’s Wintershall to take full control over the venture. None of the companies involved in the operation disclosed the financial terms of the sale, other than to say they were reimbursed fully for their cash investments . South Stream had an optimum capacity of 2.2 trillion cubic feet per year. It would’ve stretched across the Black Sea to Bulgaria and then north to European markets. Russian officials in mid-December confirmed the project was no longer viable as envisioned in 2007. Instead, Gazprom Deputy Chief Executive Officer Alexander Medvedev said a project dubbed Turkish Stream may take its place in the Black Sea. Fitch Ratings said the South Stream decision reflects low demand […]