Gazprom: Nord Stream to build two more pipelines feeding Russian gas to Western Europe
BY JAMES MARSON
MOSCOW -- Nord Stream, the consortium that operates a natural gas pipeline that ships Russian gas to Western Europe, will build two more pipelines to expand capacity, the chief executive of Gazprom, which has a 51% stake in the company, said Russian newswires Interfax and Prime reported.
The shareholders of Nord Stream have considered the preliminary technical foundation of a third and fourth line. The construction has been accepted as economically viable and technically achievable. It is planned to sign a memorandum of new capacities by end of this year, Gazprom CEO Alexei Miller was quoted as saying. Mr. Miller was speaking at the opening of the second Nord Stream line, which will double capacity to 55 Bcmpy.
The first of Nord Stream's two parallel pipelines started operations in november last year. Each of the pipelines is around 1,220 km long and has a transport capacity of 27.5 Bcmpy.
Gazprom owns 51% in Nord Stream with BASF Wintershall unit and E.ON each holding an interest of 15.5% in the pipeline company. Dutch gas grid operator Gasunie and French utility GDF Suez each own 9% of the shares.
Dow Jones Newswires