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Austria's OMV estimates total investment in Nord Stream-2 construction at €10 bln

February 18, 9:51 UTC+3
According to the company’s CEO Rainer Seele, with the project implementation Austria plans to strengthen its position as a major player in the Central European gas market
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© ТАSS/EPA/FILIP SINGER

VIENNA, February 18. /TASS/. Investment in the construction of the Nord Stream-2 project is going to total about €10 bln, Austrian oil and gas group OMV, part of the international consortium of the project operators.

According to the company’s CEO Rainer Seele, with the project implementation Austria plans to strengthen its position as a major player in the Central European gas market.

At the same time, OMV expects that Nord Stream-2 will be commissioned by the end of 2019. According to Seele, the project is financially attractive to the company. "We are investing in a project with a reliable and high level of profitability, its economic feasibility is amazing," he told reporters earlier.

"A significant portion of gas will come into the gas distribution point Baumgarten. This saves our strategic role in the supply of southeastern Europe," Seele said.

OMV Executive Board Member Manfred Leitner noted that the company is waiting for the decision of the Polish anti-monopoly regulator on the Nord Stream-2 in the coming weeks. Earlier, Vice-President for the Energy Union Maros Sefcovic told TASS, "the European Commission will take a decision on the Nord Stream-2 gas pipeline project in the coming days."

Nord Stream-2 is the construction project of the natural gas pipeline with the capacity of 55 bln cubic meters from Russia to Germany across the Baltic Sea. The route and the entry point to the German gas transport system in Greifswald are intended to be the same as for the first Nord Stream gas pipeline launched in 2011.

The project will be implemented by the joint project company, where Gazprom will hold 51%, E.ON, Shell, OMV and BASF / Wintershall - 10% each, and Engie - 9%.

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