The Russian energy group Gazprom has signed financing agreements with Engie, OMV, Shell, Uniper and Wintershall for the development of the proposed Nord Stream 2 gas pipeline project, which will stretch between Ust Luga in Russia and Greifswald in Germany.
The five European energy companies have committed to providing long-term financing for half of the total cost of the project, which is currently estimated at €9.5bn, with each European company funding up to €950m. Gazprom will remain the sole shareholder of the project company, Nord Stream 2 AG.
The 1,220-km-long Nord Stream 2 undersea gas pipeline will consist of two offshore strings with a total capacity of 55 bcm/year. The project will double the throughput of the current Nord Stream route. Construction work will begin in 2018 and will be completed by the end of 2019.
Source: Gazprom