French, German shareholders join South Stream project

PARIS, Sept 17 (Xinhua): French EDF and German Wintershall Holding have joined the European gas pipeline project South Stream with 15 per cent of shares each as a shareholders' agreement was signed in Russia, the French energy company said Friday. In the presence of Russian Prime Minister Vladimir Putin, the document was signed by chief executives of concerned companies. France and Germany got their shares as Italy partner ENI reduced its stake from 50 per cent to 20 per cent, as a result, the breakdown of the project's shares are: Gazprom, 50 per cent, ENI, 20 per cent, Wintershall Holding and EDF, 15 per cent each. "Participation of major European energy companies in the project highlights that EU (European Union) countries admit its timeliness and necessity," said Alexey Miller, Chairman of Gazprom, the Russian energy group in charge of the natural gas transportation project. The South Stream project, expected to start in 2015, is meant to transport Russian natural gas to Europe under the Black Sea through two lines via several eastern European countries. The four leading energy companies have long involved in the discussion of cooperation over the project, but Friday signature marked the first clear settlement of their shares. Initiated in June 2007, the South Stream project aiming to carry 63 billion cubic meters (bcm) of natural gas per year is seen as rival to the planned Nabucco pipeline, which is backed by some EU states and the United States and planned to transport gas from Caspian region to Austria via southern Europe. US household wealth declines in Q2 WASHINGTON, Sept 17 (Xinhua): US combined household wealth shed about 0.3 per cent in the second quarter this year, triggered by stocks and home values decline, US Federal Reserve said Friday. US household net worth dropped about 150 billion US dollars from the first quarter this year to 58.5 trillion dollars in the second quarter. The value of Americans' stock portfolios dropped 0.5 per cent from the previous quarter to 8.9 trillion dollars in the second quarter. The total US household property value declined from revised 18.25 trillion dollars in the first quarter to 18.16 trillion dollars in the second quarter, weighed down by the slackening property market.