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Gazprom board approves Nord Stream 2 additional issue worth 1.425 bln euro

February 13, 2017, 17:23 UTC+3 MOSCOW

On February 3, Gazprom approved the acquisition of 50% of shares in Nord Stream 2 AG

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© AP Photo/Frank Hormann

MOSCOW, February 13. /TASS/. The board of directors of Russia’s top gas producer Gazprom has approved the purchase of additional shares in the operator of Nord Stream 2 natural gas pipeline project, worth 1.425 bln euro, the company reported Monday.

Gazprom announced earlier the plan to include Nord Stream in its 2017 investment program and inject 110.7 bln rubles ($1.9 bln) in the project.

On February 3, 2017, Gazprom approved the acquisition of 50% of shares in Nord Stream 2 AG, which enabled the company to record 100% of Nord Stream 2 AG as treasury stock. 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. The company was 100% owned by Netherlands-based Gazprom subsidiary, Gazprom Gerosgaz Holdings B.V. 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 annual capacity of 27.5 billion cubic meters.

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