facebook
twitter
rss
account
search
search
 

Nord Stream seeks cash for Phase II

Oct. 19, 2010 at 9:37 AM   |   Comments

ZUG, Switzerland, Oct. 19 (UPI) -- The Nord Stream pipeline consortium expects a strong commitment from lenders for the second phase of the project, the chief financial officer said.

Nord Stream is part of Russia's efforts to diversify natural gas export options to Europe. The project will consist of one line that by 2011 could carry around 970 billion cubic feet of gas per year. A second line planned for 2012 will double the capacity, which is enough gas to supply more than 26 million European homes.

The consortium said Tuesday it hoped to secure 30 percent of the financing for Phase II from shareholders Gazprom, BASF/Wintershall, E.ON, Gasunie and GDF Suez. The remaining 70 percent of the $3.5 billion needed for Phase II will come from senior debt.

"This project continues to enjoy a robust contractual and financial structure as well as a world class sponsor group with long term strategic interest in the project," Nord Stream Chief Financial Officer Paul Corcoran said in a statement.

The consortium announced Monday that a pipelay vessel has entered Finnish waters to build the first section of the 760-mile pipeline.

Topics: Phase II
© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
4
API: U.S. leverage hurt by oil export ban API: U.S. leverage hurt by oil export ban
5
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
Trending News
Around the Web
x
Feedback