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Nord Stream-2 participants to allocate €6.65 bln if project financing is not provided

Gazprom, Engie, OMV, Royal Dutch Shell, Uniper and Wintershall signed an agreement on deficit financing for the Nord Stream-2 project

MOSCOW, June 6. /TASS/. Gazprom, Engie, OMV, Royal Dutch Shell, Uniper and Wintershall signed an agreement on deficit financing for the Nord Stream-2 project, Gazprom said in a statement.

The agreement envisages granting a loan of up to 6.65 billion euros to the Nord Stream-2 in case of insufficient project financing.

Read also

Gazprom CEO fears Nord Stream 2 may not be enough to meet Europe’s natural gas demand

"The agreement on deficit financing regulates the obligation to provide a loan to Nord Stream-2 AG in the event of failure to attract or insufficient attraction of project financing (up to 70% of the total project costs, or up to 6.65 bln euros) under the EURIBOR + rate from 5.75 % to 6.75% per annum (depending on the volume of financing), "the statement said.

Earlier, Gazprom and five European companies - France’s Engie, Austria’s OMV, British-Dutch Royal Dutch Shell, Germany’s Uniper and Wintershall signed an agreement on the new financing model for the Nord Stream-2 gas pipeline project.

Gazprom will remain the only shareholder of Nord Stream-2 AG company and the five European companies pledge to provide long-term financing in the amount of 50% of the total project cost which is about 9.5 bln euros. Thus, the contribution of each company will amount to 950 mln euro.

According to Shell, each company will provide a long-term credit line for 285 million euros, which is expected to be used in 2017. In addition, funds amounting to 665 million euros will be provided in a combination of short-term and long-term loans, as well as guarantees.

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 bln cubic meters. The new pipeline will double the capacity of the first stretch and will basically follow its route.

Swiss Nord Stream 2 AG was established for the planning, construction and operation of the gas pipeline, which now belongs entirely to Gazprom.

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