EU companies face €2.5bn in losses over South Stream abandonment

European companies involved in construction of South Stream will suffer direct losses of at least €2.5 billion after Russia canceled the project, says a South Stream Transport press release.

The total amount of losses of foreign companies is estimated at €2.82 billion, an official paper said Tuesday.

Italian energy holding ENI, a subsidiary of which (Saipem) has been contracted to lay the pipeline, will suffer the biggest loss, at €2 billion .... http://rt.com/business