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2010 April 7   07:38

Gazprom starts offshore construction of Nord Stream

Alexei Miller, Gazprom CEO said in a telephone conversation with Russian President Dmitry Medvedev the first pipe of the "Nord Stream" project has been laid, Itar-Tass reported citing Gazprom news release.

Mr. Miller also said that the ceremony of official Nord Stream project start would be held on April 9 in the vicinity of Vyborg (Leningrad region). The event will be attended by top officials of NS investors and the European Commission. President Dmitry Medvedev confirmed his participation in the ceremony.

The 1.223-km Baltic Sea bottom pipeline, Nord Stream will link Russia’s Vyborg with Germany’s Greifswald. The designed capacity of the pipeline 55 billion c. m. of gas a year.

Gazprom holds a 51% stake in Nord Stream project, BASF / Wintershall -20%, E. ON Ruhrgas - 20%, NV Nederlandse Gasunie owns 9% of stocks. GDF Suez is expected to acquire a 9% stake in the NS by the end of March.

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