European Energy Firms to Finance 50% of Nord Stream 2 Project - Gazprom

Several energy companies will provide 50 percent of long term financing for the Nord Stream 2 gas pipeline construction project implementation, Russia's energy giant Gazprom said Monday.

MOSCOW (Sputnik) — Engie, OMV, Royal Dutch Shell, Uniper, and Wintershall companies will provide 50 percent of long term financing for the implementation of the Nord Stream 2 gas pipeline construction project, Russia's energy giant Gazprom said Monday.

Gazprom-owned Nord Stream 2 AG venture and its European partners signed earlier on Monday an agreement on Nord Stream 2 project financing.

"Five European companies have pledged to provide long-term financing that will cover 50 percent of the project's cost, which is estimated at 9.5 billion euros [some $10.3 bln]," Gazprom said in a statement.

"The investment of each company will be in the amount up to 950 mln euros," the statement said.

According to the document, Gazprom will remain the sole shareholder of the Nord Stream 2 AG venture.

‎