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Gazprom discusses Nord Stream II

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World Pipelines,

On 10 March, Zurich hosted a number of working meetings of Alexey Miller, Chairman of the Management Committee of Gazprom, with Klaus Schaefer, Member of the Board of Management of E.ON and Chief Executive Officer of Uniper, Hans-Ulrich Engel, Member of the Board of Executive Directors of BASF, Rainer Seele, Chairman of the Executive Board of OMV, Pierre Chareyre, Executive Vice-President of ENGIE, and Maarten Wetselaar, Member of the Executive Committee of Shell.

The meetings addressed issues related to the Nord Stream II project.

On 4 September 2015, Gazprom, BASF, E.ON, ENGIE, OMV and Shell inked the Shareholders Agreement to construct the Nord Stream II gas pipeline system with the capacity of 55 billion m3/y of gas from Russia to Germany across the Baltic Sea. The project is implemented by the joint project company Nord Stream II AG.

Once the share acquisition deals are completed with foreign shareholders, the joint project company's ownership structure will be as follows: Gazprom – 50%, BASF, ENGIE, OMV, Shell, Uniper (a wholly-owned subsidiary of E.ON) – 10% each.

Edited from source by Stephanie Roker

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