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MOSCOW, August 18. /TASS/. The decision of Gazprom and European oil and gas companies to give up establishment of a joint venture for the Nord Stream-2 gas pipeline construction project will hardly influence on implementation of the project, S&P international rating agency said on Thursday.
Gazprom and its European partners Engie, OMV, Shell, Uniper and Wintershall submitted earlier an application for establishment of the joint venture to antimonopoly regulators in Germany and Poland. Germany approved the decision but the Polish regulator presented objections.
Companies later withdrew their application for the joint venture under the Nord Stream-2 furnished to the Poland’s authority.
The decision will have a "limited impact" on the project because the shareholders’ equity portion in project financing is just 30%, S&P analysts said.
At the same time, such changes expose the project to higher political risks in the longer run, S&P credit analyst Alexander Gryaznov said.
The Nord Stream-2 project includes the construction of two lines of the offshore gas pipeline with a total capacity of 55 bln cubic meters of gas a year from Russia to Germany under the Baltic Sea, in addition to the existing two lines. The project is to be implemented by the new engineering company New European Pipeline AG. The stakes of partners in Nord Stream 2 AG will be distributed as follows: Gazprom will hold 50%, while Uniper, BASF/Wintershall, Shell, OMV and ENGIE will own 10% each.