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Gazprom records 50% of Nord Stream 2 AG as treasury stock

December 12, 2016, 12:04 UTC+3 MOSCOW
The Swiss-based Nord Stream 2 AG was set up for the design, construction and further exploitation of the Nord Stream 2 natural gas pipeline
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MOSCOW, December 12. /TASS/. Russia’s biggest gas producer Gazprom has recorded 50% of Nord Stream 2 AG as treasury stock, the Russian company said in a statement.

The shares were recorded in the company’s balance sheets as treasury stock on December 6, 2016.

The Swiss-based Nord Stream 2 AG was set up for the design, construction and further exploitation of the Nord Stream 2 natural gas pipeline.

Earlier Gazprom and its European partners (Engie, OMV, Shell, Uniper and Wintershall) applied to German and Polish antimonopoly regulators on setting up a joint venture for the implementation of the Nord Stream 2 project. Germany approved the decision while the Polish regulator raised objections, saying that such a JV would restrain competition. Later the companies recalled the application to the Polish regulator.

Gazprom’s head Alexey Miller told to TASS that the participants of the project planned to define a new pattern of the project’s financing by the end of this year. As of now the pipeline’s operator is wholly owned by Gazprom.

The Nord Stream 2 natural gas pipeline is expected to come into service at the end of 2019. The pipeline is set to run from the Russian coast along the Baltic Sea bed to the German shore. Each of the pipeline’s two stretches will have a capacity of 27.5 billion cubic meters. The new pipeline will double the capacity of the first stretch and will basically follow its route.

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