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Gazprom: Nord Stream-2 expenses to increase to €600-700 mln in 2016

Gazprom has already spent €400 mln on the project

© AP Photo/Vahid Salemi

MOSCOW, August 31. /TASS/. Gazprom has already spent €400 mln on Nord Stream - 2, expenses will increase to €600-700 mln before the end of the year, Head of Department responsible for financial and economic policy of Gazprom Alexander Ivannikov said on Wednesday during a conference call.

"Given expenses of this year and 2015, it will total €600-700 mln," he said.

Pipe laying contract

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Deputy Head of External Economic Affairs Department of Gazprom Dmitry Khandoga said Gazprom expects that the pipe laying contract for Nord Stream - 2 will be signed before the end of the year.

"This does not mean that the project was stopped. The project continues, pipe production will begin in September. Soon a contract for concrete coating will be signed soon. Before the end of the year pipe laying contract will be concluded," he said.

Gazprom and its European partners (Engie, OMV, Shell, Uniper and Wintershall) sent a request to create a joint venture for Nord Stream - 2 to German and Polish anti-monopoly regulators. Germany has approved this decision, and the Polish regulator objected. In particular, it was noted that the joint venture could lead to a limitation of competition. Later the companies withdrew the application filed to the Polish regulator.

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.

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Oil & Gas Nord Stream

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