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The Blue Stream subsea pipeline is designed to have a transport capacity of 16 billion cubic meters per year.
On its website, Eni stated that it has only a marginal presence in resource-rich Russia. It has already suspended its JVs with Russia’s Rosneft, pertaining to exploration licenses in the Arctic area. This was due to the international sanctions that have been imposed on Moscow since 2014.
The latest move by the Italian energy company follows the recent decisions by its European rivals, including BP and Shell, to exit operations in Russia following the Ukraine crisis.
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The firm has also decided to write off its financing, worth $1.11bn, related to Nord Stream 2 gas pipeline, which was hit by sanctions last week.
Wintershall Dea, which is one of the five co-financing partners of the Nord Stream 2 project, has already stopped payment transactions.
The company will remain active in Gascade Gastransport, a joint venture with Gazprom, as it is considered a critical infrastructure for gas transport in Germany and Europe.
Gascade operates a 3,200km gas pipeline network in Germany.
Wintershall Dea will also remain involved in the two Russian natural gas projects in Siberia, Achimov and Yuzhno Russkoye, which serve European customers.