Five European companies to provide EUR 4.75 billion for Nord Stream 2 – Pipeline to be completed in 2019

The company Nord Stream 2 AG has signed contracts with ENGIE, OMV, Shell, Uniper and Wintershall on financing the project of constructing the Nord Stream 2 pipeline, for which they will provide a half of the total funds of EUR 9.5 billion, the Russian Gazprom reported on Monday, April 24.

Five European energy companies will provide as much as EUR 950 million each, whereas the remaining funds will be provided by Gazprom, which remains the only stockholder in Nord Stream 2 AG, the contractor on the project, the Russian agency TASS reports.

The construction of the pipeline is to begin in 2018, and it will be completed by the end of 2019, the companies taking part in the construction reported.

The pipeline, which should be 1,220 km long and have an annual capacity of 55 billion cubic meters of gas, should double the amount gas to be delivered directly from Russia to Germany across the Baltic Sea, bypassing Ukraine, otherwise a traditional transit route.

Nord Stream 2 AG

ENGIE

OMV

Shell

Uniper

Wintershall

Gazprom

construction of Nord Stream 2 pipeline

Nord Stream 2 pipeline