02:52 30.01.2019

Nord Stream 2 AG still in project finance talks, seeking 6 bln euros

2 min read
Nord Stream 2 AG still in project finance talks, seeking 6 bln euros

Nord Stream 2 AG is continuing negotiations on project financing for the construction of the Nord Stream 2 pipeline, the company's CFO Paul Corcoran told journalists on the sidelines of the European Gas Conference in Vienna.

"We're still negotiating with export credit agencies and hope to raise around 6 billion euros," he said.

Russia's Gazprom said in December that Nord Stream 2 had already secured 6 billion euros in financing as of the end of 2018. Gazprom's foreign partners had made 3.274 billion euros available. Gazprom's own investment in the project in 2017 was 103.3 billion rubles or 1.57 billion euros, with 92.183 billion rubles or 1.25 billion euros (after revision) envisaged for 2018.

Gazprom's investment program allocates 53.175 billion rubles for the Nord Stream 2 gas pipeline's construction in 2019. Gazprom and foreign partners are funding the project on an equal footing so they will allocate the same amount. Total funding will therefore be 106 billion rubles or 1.4 billion euros.

The 1,224-kilometer Nord Stream twin pipeline system through the Baltic Sea stretches from Vyborg, Russia to Lubmin near Greifswald, Germany.

Nord Stream 2 will double that capacity. Gazprom said last week that more than 20% of it, in other words 480 kilometers, had been built.

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