ST. PETERSBURG, Russia, June 21 (UPI) -- French energy company GDF Suez signed an agreement with Russian gas monopoly Gazprom to join the Nord Stream gas pipeline for Europe, the company announced.
GDF Suez under an amendment to the shareholder agreement for the Nord Stream consortium takes a 9 percent stake in the natural gas project.
Construction for Nord Stream started April 9 in the Swedish waters of the Baltic Sea when operators placed the first 2 miles of the pipeline on the sea floor.
Russia aims to diversify its gas transit options through the dual Nord Stream pipeline through the Baltic Sea.
More than 26 million European households are expected to receive gas supplied from Nord Stream when first gas deliveries commence next year. The project is expected to cost around $10 billion.
Gazprom and GDF Suez also signed a memorandum of understanding for energy saving and energy efficiency during a Monday ceremony in St. Petersburg.
"GDF Suez will share its know-how by providing innovative solutions especially in district cooling and heating, local energy production infrastructures like cogeneration or renewable energies," said GDF Suez Chairman Gerard Mestrallet. "We are glad to enter this new promising partnership with Gazprom."
