This is an excellent update regarding the 51% buyout of the Serbian national energy company (NIS) by Gazprom.
The bottom line with respect to South Stream, as stated in the post is:
“Of course, even if South Stream does run through Serbia, it’s not likely to do Serbia much good. After all, it won’t be Serbia’s hand on the tap. It’ll be Gazprom gas going through a Gazprom-owned pipeline to customers who have made contracts with Gazprom. Unless the Serbs decide to nationalize the pipeline — very unlikely — they’ll have nothing to say about what goes through it and to where. All Serbia will do is help maintain the pipeline and collect a modest transit fee.”