GDF Suez takes stake in Baltic pipeline
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