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Gazprom takes 51% stake in NEGP

MOSCOW, May 3 (RIA Novosti) - Energy giant Gazprom announced Wednesday that it had acquired a 51% stake in North European Gas Pipeline Company from ZGG GmbH, an affiliated company in Germany.

The package of shares was transferred to Gazprom's balance sheet on April 10, following the board's approval.

The joint Russian-German NEGP Company was formed for the construction of the underwater stretch of the North European Gas Pipeline project.

Construction under the 4.7-billion euro project, which is managed by Gazprom, began last year. The pipeline, which is to include two parallel legs measuring 750 miles each, will connect the Baltic seashore near the Russian city of Vyborg with the Greifswald region on the German coast.

The first leg of the pipeline is expected to have an estimated capacity of 27.5 billion cubic meters, and the second will double the NEGP capacity to 55 billion cu m annually.

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