GDF Suez takes stake in Baltic pipeline

GDF Suez has become the fifth participant in the Nord Stream consortium constructing the 1,224-km (760-mi) subsea pipeline taking gas from Russia through the Baltic Sea to western Europe.

Offshore staff

ZUG, Switzerland -- GDF Suez has become the fifth participant in the Nord Stream consortium constructing the 1,224-km (760-mi) subsea pipeline taking gas from Russia through the Baltic Sea to western Europe.

The company secured a 9% interest following its acquisition of 4.5% each from founder members E.ON Ruhrgas and Wintershall.

Nord Stream’s shareholders now comprise Gazprom (51%), E.ON Ruhrgas (15.5%), Wintershall (15.5%), GDF Suez (9%), and Gasunie (9%).

The partners are providing 30% of the €7.4 billion of the project’s finance, with the remainder supplied by international banks and export credit agencies. The pipeline is due to start operating in 2011.

06/21/2010

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