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Russia's EU envoy says Nord Stream-2 project is feasible in long term

According to the diplomat, Brussels cannot yet determine whether the project meets the EU Third Energy project

© FILIP SINGER/EPA

MOSCOW, July 4. /TASS/. The Nord Stream-2 gas pipeline project is quite feasible in the long term perspective, Russia's permanent representative to the EU Vladimir Chizhov said during the Moscow-Brussels teleconference.

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"In the long term the Nord Stream-2 project is quite feasible," he said.

Russia’s Permanent Representative said that at present the European Commission has no official position of on the project yet.

According to the diplomat, Brussels cannot yet determine whether the project meets the EU Third Energy project.

Gazprom, BASF, E.ON, ENGIE, OMV and Shell signed a shareholder agreement on September 4, 2015. The project provides for the construction of a gas pipeline with a capacity of 55 billion cubic meters a year from Russia to Germany across the Baltic Sea bottom. The project is being implemented by Nord Stream 2 AG. When deals on stake purchase in the company by foreign shareholders are closed, the stakeholder layout will be as follows: Gazprom will hold 50%, and BASF, ENGIE, OMV, Shell, Uniper (a E.ON subsidiary from January 1, 2016; an electricity producer and trader) will have ten percent each.

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Oil & Gas Nord Stream

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