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Gazprom, Nord Stream-2 partners to discuss project financing on October 4

September 30, 2016, 19:56 UTC+3 SOCHI
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SOCHI, September 30. /TASS/. Gazprom and its partners on the Nord Stream-2 project plan to discuss a new model of the project’s financing on October 4, CEO of the Russian gas holding Alexey Miller told TASS at the Sochi-2016 forum.

"We will discuss a new model, meet, negotiate, try to find a solution," he said adding that the discussion will take place at the International Gas Forum that will be held in St. Petersburg on October 4-7.

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

Nord Stream-2 envisages the construction of two lines of the offshore gas pipeline with a total capacity of 55 billion cubic meters of gas per year from Russia to Germany under the Baltic Sea. It is planned that it will be put into operation by the end of 2019. Capital expenditures for the project are estimated at 8 bln euros, and the total cost taking into account the project financing is 9.9 bln euros.

Nord Stream 2 AG was established in Switzerland for planning, construction and operation of the two lines of the offshore pipeline. Currently, Gazprom owns 100% shares of this company.

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