14:47 06.06.2017

Nord Stream 2 partners sign deficit financing agreement for project

2 min read
Nord Stream 2 partners sign deficit financing agreement for project

The partners in the Nord Stream 2 project have signed an agreement on deficit financing for construction of the gas pipeline in the event that project financing is insufficient.

The deal was made on June 2 at the St. Petersburg International Economic Forum, which was attended by the heads of companies participating in the project. Representatives of French energy company Engie told reporters that they were signing financial documents on Nord Stream 2 but did not provide details.

"The agreement on deficit financing regulates obligations to provide credit to Nord Stream 2 AG in the event that no or insufficient project financing (up to 70% of total expenditures on the project or up to 6.65 billion euros) is raised at a rate of EURIBOR + 5.75% to 6.75% per annum (depending on the amount of financing)," Russian gas giant Gazprom said in a statement.

The maximum duration of the deficit financing agreement is 15 years after project financing is raised or after December 31, 2019.

The parties in the deal are project company Nord Stream 2 AG, Gazprom, Glas Trust Corporation Ltd. (credit agent), Engie Energy Management Holding Switzerland AG, OMV Gas Marketing Trading & Finance B.V., Shell Exploration and Production (LXXI) B.V., Uniper Gas Transportation & Finance B.V., and Wintershall Nederland Transport and Trading B.V.

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