Italian energy services company Saipem said Thursday it received word from Gazprom its contract to build a natural gas pipeline through Turkey was cancelled. The Italian company said it received official notice late Wednesday that its contract to build part of the South Stream natural gas pipeline for Europe was pulled under a termination for convenience clause . “The termination for convenience is a standard contractual clause which provides for the termination of the agreement in the absence of a contractual breach, with compensation determined in accordance with the terms and conditions of the contract,” the company explained. Russian officials in mid-December confirmed South Stream, touted as the answer to European transit woes, was no longer viable as envisioned in 2007. Instead, Russian energy […]