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Friday, 19.04.2024, 10:19
Nord Stream 2 AG and European energy companies sign financing agreements
Nord Stream 2 AG
signed financing agreements for the Nord Stream 2 pipeline project with ENGIE, OMV, Shell, Uniper and Wintershall.
These five European energy companies have committed to provide
long-term financing for 50% of the total cost of the project, which is currently
estimated to be €9.5 bln. Each European company will fund up to €950 mln. Gazprom is and will remain the sole
shareholder of the project company, Nord
Stream 2 AG.
The financial commitment by the European companies underscores
the Nord Stream 2 project’s strategic importance for the European gas market,
contributing to competitiveness as well as medium and long-term energy security
especially against the background of expected declining European production.
The 1,220-kilometer Nord Stream 2 gas pipeline, with a total
capacity of 55 billion cubic meters a year, will provide a direct link between
reliable Russian gas reserves and European gas consumers from the coast of
Russia via the Baltic Sea to Greifswald, Germany. Construction work will begin
in 2018 and will be completed by the end of 2019.