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Monday, 24 April 2017

Gazprom to receive funding for Nord Stream 2 pipeline

Gazprom to receive funding for Nord Stream 2 pipeline:

"Five European energy companies will each pay €950m to fund a new Gazprom gas pipeline as part of a finance package that clears a significant hurdle for a project that has faced strong resistance from many EU member states. Anglo-Dutch group Royal Dutch Shell, Austria’s OMV, France’s Engie and Germany’s Uniper and Wintershall will each provide loans covering 10 per cent of the €9.5bn cost of the pipeline, with Gazprom providing the remaining 50 per cent. Monday’s announcement marks a significant milestone for one of Europe’s most contentious energy developments, under which Gazprom’s gas would be transported from Russia through a pipeline called Nord Stream 2 running across the Baltic Sea to Greifswald in north-east Germany."

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