ZUG, Switzerland– Shell, ENGIE, OMV, Uniper, and Wintershall have signed financing agreements with Nord Stream AG concerning construction and future operation of the Nord Stream 2 gas pipeline through the Baltic Sea.
The two-string 1,220-km (758-mi) pipeline system will transport 55 bcm/yr from the Russian coast to Greifswald in Germany.
All five energy companies have each committed to provide financing and guarantees for up to 10% of the total cost of the project, currently estimated at €9.5 billion ($10.31 billion).
Each company will provide a long-term funding facility of €285 million ($309 million) expected to be drawn down in 2017.
Further funds of up to €665 million ($722 million) will be made available to cover short- and long-term funding and guarantees, depending on future decisions by Nord Stream 2 AG for overall financing of the project.
Gazprom is the sole shareholder of Nord Stream 2 AG.