Russian gas giant Gazprom bought out the remaining 50 percent stake in South Stream Transport, the company that was tapped to construct the now cancelled marine section of South Stream pipeline.
Italy’s Eni sold of its 20 percent stake Tuesday, France-based EDF sold its 15 percent stake, and Germany-based Wintershall sold its 15 percent stake.
The total value of the transactions were not disclosed.
Gazrpom now holds a 100 percent stake in the venture.
“Due to the fact that it’s difficult to predict receiving permission for South Stream, and calculate the economic consequences of delaying its construction for an indefinite period, the participants decided to close the project,” a Wintershall spokesperson told the Russian Times.
South Stream Transport was established to build the marine section of the South Stream gas pipeline that was set to deliver 63 billion cubic meters of gas per year from Anapa, Russia to Varna, Bulgaria.
The $40 billion project was cancelled on December 1 after western sanctions made it difficult to press ahead with the pipeline’s Bulgaria route.
Bulgaria, an EU member, repeatedly halted construction on the pipeline amid pressure from EU officials.
Falling oil prices and slumping gas demand have also made the project less attractive.
The South Stream pipeline will now be rerouted through Turkey, creating a hub along the Turkish-Greek border to supply southern EU countries.