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Energy companies sign Nord Stream 2 financing agreements

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World Pipelines,

Nord Stream 2 AG has signed financing agreements with ENGIE, OMV, Shell, Uniper and Wintershall for the Nord Stream 2 pipeline. According to Gazprom, this move is a key step towards the project’s implementation, which will ultimately respond to Europe’s demand for additional gas imports.

ENGIE, OMV, Shell, Uniper and Wintershall have committed to providing long term financing for 50% of the total cost of the project, which is currently estimated to be €9.5 billion.

Each of these energy companies is expected to fund up to €950 million. Gazprom is and will remain the sole shareholder of the project company – Nord Stream 2 AG.

According to Gazprom, these financing agreements demonstrate the strategic importance of the 1220 km Nord Stream 2 pipeline for the European gas market. The pipeline is expected to contribute to competitiveness as well as medium and long term energy security in Europe, especially against the background of expected declining European production.

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