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Shell may invest in Nord Stream-2 to improve Europe’s energy security

February 02, 15:08 UTC+3 LONDON

Oil and gas major Shell can consider investments into the project if it contributes to Europe’s energy security, the company says

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© EPA/STEFAN SAUER

LONDON, February 2. /TASS/. Oil and gas major Shell that is a Gazprom’s partner in Nord Stream 2 gas pipeline construction project can consider investments into the project if it contributes to Europe’s energy security, Chief Financial Officer Simon Henry said on Thursday.

"We have regular connection with Gazprom with that. The investment in Nord Stream 2 is not obviously strategic for Shell. If we can participate in this project to improve energy security supply and reduce the cost of bringing gas to Europe, then we will consider," Henry said.

Partners in Nord Stream 2 project (Shell, OMV, Engie, Uniper and Wintershall) continue negotiations on the financing model for the gas pipeline and debt financing is more likely as an option, Deputy Chief Executive Officer of Gazprom Alexander Medvedev said earlier. The Nord Stream 2 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. Capital expenditures on the project are estimated at 8 bln euros and its total cost will amount to 9.9 bln euros, taking into account project financing.

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