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Putin discussed Nord Stream-2 pipeline project with Austrian president — Gazprom CEO

April 06, 2016, 17:12 UTC+3

Gazprom CEO Alexey Miller declined to elaborate on the outcome of negotiations

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© Mikhail Metzel/TASS

MOSCOW, April 6. /TASS/. The North Stream-2 project was discussed at a meeting of the Russian and Austrian presidents, Chairman of the Management Committee of Russia’s natural gas monopoly Gazprom Alexey Miller told reporters on Wednesday.

"Nord Stream-2 was discussed," Miller said, declining to give the details of the negotiations’ results.

The Presidents of Russia and Austria, Vladimir Putin and Heinz Fischer, held talks on Wednesday to discuss, in particular, the Russian-Austrian energy cooperation.

On September 4, 2015, Gazprom, BASF, E.ON, ENGIE, OMV and Shell have signed a shareholder agreement to create the Nord Stream-2 gas pipeline system with the capacity of 55 billion cubic meters of gas per year from Russia to Germany under the Baltic Sea. The project is implemented by the project company Nord Stream 2 AG. After closing the transactions for the acquisition of shares in the project company by foreign shareholders the shares in the project will be distributed as follows: Gazprom - 50%, BASF, ENGIE, OMV, Shell, Uniper (from 1 January 2016 - a E.ON subsidiary of for power generation, as well as the global energy trade) - 10% each.

Under the agreements between Gazprom and Austrian concern OMV that are in effect until 2027, up to 6.9 billion cubic meters of natural gas are supplied to Austria annually.

On Monday, Russian First Deputy Energy Minister Alexei Teksler said at a working meeting with Klaus Schafer, CEO of Uniper that investments in the Nord Stream-2 project would promote economic development in the project member countries. According to him, Nord Stream-2, a commercial project, is aimed at enhancing reliability of energy supplies to Europe and ensuring additional gas supplies. The planned investment will give an impetus to develop the economies of the project’s member states. He said expansion of natural gas supplies is interesting for both Russian and European businesses and the Russian side supports the implementation of this project.

Schafer noted the importance of the Nord Stream-2 project for the economies of European countries. In his words, the project is supported by the German government.

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