Nord Stream would travel along a dual route through the Gulf of Finland and the Baltic Sea to Germany. Several littoral states along the intended route have complained about the potential environmental impact of pipeline construction, which is complicated by World War II munitions littering the Baltic Sea floor.
Paul Corcoran, the chief financial officer at Nord Stream AG, said construction should be completed in time for a 2011 launch date with enough contracts secured to transport roughly 777 billion cubic feet of gas per year, Itar-Tass reports.
Nord Stream would ultimately transport more than 1.9 trillion cubic feet of gas per year to European customers.
Corcoran said the littoral states along the Nord Stream route as well as Germany should give their approval for construction by the end of 2009.
Russian gas monopoly Gazprom holds the majority share in Nord Stream AG, with Germany's Wintershall and E.ON and the Dutch Nederlandse Gasunie in the minority.