Five companies commit funds to Nord Stream 2 in the Baltic Sea

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.

Offshore staff

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.

04/24/2017

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