Nord Stream 2 inked financial deals with Shell and four other European energy companies

25/04/2017 11:33 Natural Gas

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Nord Stream 2, the company in charge with planning, constructing and future operation of the Nord Stream 2 pipeline, inked financial deals with Shell and four other European energy firms - ENGIE, OMV, Uniper and Wintershall.

The length of the pipeline is 1,220 km and it will transport around 55 billion cubic meters of natural gas a year. It will traverse from the coast of Russia through the Baltic Sea to Greifswald in Germany – being a direct link between Russian reserves and European consumers.

 

The five energy firms have committed under the deals to assure financing for about 10% of the total cost of the project, which is presently valued at €9.5 billion.

 

Each company will offer a long-term backing facility of €285 million likely to be drawn down in 2017. Moreover, financing of around €665 million will be supplied to cover a combination of short and long-term funding and guarantees.

 

Gazprom stays the single shareholder of Nord Stream 2 AG.

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