Brussels, 04/09/2015 (Agence Europe) - Russian gas group Gazprom signed a shareholders' agreement in Vladivostok on Friday 4 September with five European partners for the construction of the Nord Stream 2 gas pipelines project connecting Russia to the European market through the Baltic Sea and doubling the capacity of the Nord Stream gas pipeline in service since 2012.
Under the terms of the agreement, the project will be developed by New European Pipeline AG in which Gazprom will hold a 51% share. German energy companies E.ON and BASF-Wintershall, Austrian company OMV and the Anglo-Dutch Royal Dutch Shell will each hold 10% and ENGIE of France 9%.
The agreement is for the construction of two new gas pipelines at a cost estimated by Gazprom of €9.9 billion to increase the throughput of Nord Stream by 55 billion cubic metres of gas per year. Gazprom says the new pipelines will be on stream by the end of 2019. (Emmanuel Hagry)