Nord Stream AG won the inaugural “Pipeline Project of the Year” award at the 2012 European Gas Conference. The award, which was presented by The Energy Exchange in conjunction with Natural Gas Europe, recognises Nord Stream’s achievement in starting to make its contribution to energy security in the European Union on time and within budget.
The judging panel lauded Nord Stream’s compliance and permitting process, solid financial structure, environmentally sound logistics concept as well as the pipeline’s technical design, and the company’s overall approach to dialogue and transparency.
The award citation reads: “ Since November 2011, Nord Stream has been contributing to the EU’s energy security. It is a complex infrastructure project, involving 4 years of compliance spanning 5 countries. In spite of the challenge, Nord Stream completed its construction on time and within budget. The second pipeline will be operational by the end of 2012.”
The European Gas Conference Awards, which were presented for the first time, recognize expertise and excellence in the European gas industry. Finance Director Paul Corcoran accepted the award on behalf of Nord Stream at a gala dinner in Vienna.
Nord Stream is a natural gas pipeline which links Russia and the European Union through the Baltic Sea. The European Union’s annual natural gas imports in 2009 were approximately 312 billion cubic metres (bcm) and are projected to increase to over 523 bcm by 2030. By then, the EU will need additional gas imports of 211 bcm per year . Nord Stream will meet more than a quarter of this additional gas import requirement by connecting the European gas pipeline network to some of the world’s largest gas reserves. The project will be an important contribution to long-term security of supply and a milestone of the energy partnership between the European Union and Russia.
The first of Nord Stream’s two parallel pipelines became operational in November 2011. Each line is approximately 1,220 kilometres long, providing a transport capacity of some 27.5 bcm per year. More than 85 percent of Line 2 has also already been laid. Full capacity of about 55 bcm per year will be reached when the second line goes on stream in late 2012.
[mappress] Offshore Energy Today Staff, February 28, 2012