Gazprom and E.ON Discuss Progress of Nord Stream Pipeline Project
Zurich (Switzerland) hosted a working meeting of Alexey Miller, Chairman of the Gazprom Management Committee, Dr. Johannes Teyssen, Chairman of the E.ON AG Management Board and Klaus Schaefer, Chairman of the E.ON Ruhrgas AG Management Board.
The meeting participants considered the current status and development prospects for the Russian-German cooperation in the energy sector.
In particular, the parties addressed the progress with the Nord Stream gas pipeline construction, pointed out the successful cooperation within Severneftegazprom and paid attention to the issues concerning Russian gas supplies to Germany. In addition, Alexey Miller,Johannes Teyssen and Klaus Schaefer discussed execution of new large-scale infrastructure projects.
E.ON AG is Europe’s largest investor-owned electric power and gas company. Since February 2003 E.ON Ruhrgas AG (before July 1, 2004 Ruhrgas AG) has been a subsidiary of E.ON AG and is responsible for the group’s gas business in Europe, including natural gas production, marketing, transportation and storage.
On October 2, 2008 Gazprom and E.ON AG signed the Agreement on joint participation in the Yuzhno-Russkoye oil and gas field development project, in June 2009 – the agreement on asset swap in natural gas production and marketing.
Pursuant to the agreement, Gazprom received a 49 per cent stake in Gerosgaz, a 2.93 per cent stake holder in the Company. As a result of the deal, Gazprom received the full property rights to this stake from E.ON Ruhrgas. In its turn, E.ON received 25 per cent of Severneftegazprom shares (thus bringing its stake to 25 per cent less three ordinary registered shares and three preferred non-voting shares).
E.ON Ruhrgas AG also partners Gazprom in the Nord Stream gas pipeline construction.
Source: gazprom, May 30, 2011; Image: nord-stream