Germany to back Nord Stream project – Merkel
German Chancellor Angela Merkel said the government would support the Nord Stream project not to lag behind the construction of the South Stream pipeline, Itar-Tass reports.
Speaking at the celebrations marking the 50th anniversary of Germany’s VNG Verbundnetz Gas AG on Wednesday, Merkel said the long-term contracts on gas supplies played a central role in Germany’s business. Russia is Germany’s important partner, she said. At the same time, the chancellor said Germany is Russia’s key client. “We have disagreements. But I believe that Russia and the EU will strengthen relations based on mutual interests,” the chancellor said.
Nord Stream AG is a joint project to build a new gas pipeline, which will run through the Baltic Sea water area. Gazprom has 51 percent of the capital of the joint venture and BASF (Wintershall and E.ON Rurhgas) have equal shares – 20 percent. The Netherlands’ N.V. Nederlandse Gasunies has 9 percent.