Companies Ink Nord Stream 2 Deal
- Business & Finance
The companies involved in the Nord Stream 2, which should boost supply of natural gas to the EU market, have signed a Shareholders’ Agreement, setting up a new project company, New European Pipeline AG, to develop the export pipeline project trough the Baltic Sea.
According to the document, Gazprom will own a 51 per cent share in the project company. E.ON, Shell, OMV and BASF/Wintershall will each own ten per cent and ENGIE will hold nine per cent.
As already announced, Nord Stream 2 project envisages the construction of two offshore pipelines with the aggregate annual capacity of 55 billion cubic meters of gas to be constructed from Russia to Germany through the Baltic Sea. The project will build on the positive experience of Nord Stream in implementing safe and reliable infrastructure.
The agreement was signed at the Eastern Economic Forum in Vladivostok by Alexey Miller, Chairman of the Gazprom Management Committee, Kurt Bock, Chairman of the Board of Executive Directors of BASF SE, Klaus Schäfer, Member of the Board of Management, E.ON SE, Pierre Chareyre, Executive vice-president of ENGIE, Rainer Seele, Chairman of the Executive Board of OMV and Ben van Beurden, Chief Executive Officer of Royal Dutch Shell.