Gazprom Considers Nord Stream System Expansion
- Business & Finance
The Gazprom headquarters hosted a meeting between Alexey Miller, Chairman of the Company’s Management Committee and Matthias Warnig, Managing Director of Nord Stream AG on 5 February.
The parties addressed the possibility of building up capacities of the Nord Stream gas transmission system via the Baltic Sea by constructing one or two additional strings. Gazprom reviewed the results of the feasibility study performed by the Nord Stream AG operating company as well as the conclusions made during the consultations with public authorities, non-profit organizations and other stakeholders from the Baltic Sea region.
Nord Stream AG performed the feasibility study, which is the foundation for further project development. Based on the results of this study, the construction of one or two additional gas pipeline strings is economically viable and possible both from the technical and environmental points of view, as well as for the purposes of attracting necessary financing in the banking market. A preliminary assessment of several possible routes was carried out. These routes will lay the foundation for further researches and optimization. The study also brought to light the need to further increase gas imports to the European market in the long term.
Making a decision on the further implementation of such a large-scale and long-term project aimed at satisfying the needs of the European Union in gas imports for decades requires the relevant confidence of investors in the return on investment. Gazprom continues assessing the situation in the gas market and the progress with state regulation of the energy market in Europe.
Press Release, February 07, 2014