Gazprom signs agreement with German companies on North-European pipeline

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BERLIN, September 8 (RIA Novosti, Olga Semyonova) - An agreement on the construction of the North-European natural gas pipeline (NEG) via the Baltic Sea was signed Thursday in Berlin.

The agreement was signed by Alexei Miller, CEO of Russian gas monopoly Gazprom, Juergen Hambrecht, chairman of the German company BASF, and Wulf Bernotat, chairman of the German company E.ON AG.

The parties to the agreement intend to form the North European Gas Pipeline Company, in which Gazprom will own a 51% stake. BASF and E.ON AG will each own a 24.5% stake.

President Vladimir Putin and German Chancellor Gerhard Schroeder emphasized the strategic importance of the project for the development of the Russian-German cooperation in the energy sector.

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