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CEO vows Shell will strive to honor its Nord Stream 2 commitments

July 27, 13:31 UTC+3

In April, Gazprom, Engie, OMV, Royal Dutch Shell, Uniper and Wintershall signed agreements on new funding model for the Nord Stream 2 project

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Shell's CEO Ben van Beurden

Shell's CEO Ben van Beurden

© AP Photo/Alastair Grant

MOSCOW, July 27. /TASS/. Shell is going to perform all earlier undertaken obligations on participation in projects with Russia, including the Nord Stream 2 gas pipeline construction project to the extent possible in the environment of growing US sanctions, Chief Executive Officer of the multinational oil and gas major Ben van Beurden said on Thursday.

Shell along with some other companies signed an agreement stipulating financing for the gas pipeline construction project, van Beurden said.

"We enter into a financing arrangement. We have commitments under that arrangement and we are fulfilling those commitments as best as we can. And we will see how the situation in US evolves and so we will act accordingly," he added.

In April, Gazprom, Engie, OMV, Royal Dutch Shell, Uniper and Wintershall signed agreements on new funding model for the Nord Stream 2 project. Gazprom will remain the only shareholder of Nord Stream 2 AG company, while the five European companies will provide long-term financing in the amount of 50% of the total project cost, currently estimated at 9.5 bln euro. The contribution of each company will amount to around 950 mln euro.

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