Nord Stream pipeline budget to be revised

Nord Stream AG is planning to announce revised budget estimates for the Nord Stream gas pipeline project in early 2008, Irina Vasilyeva, spokesperson for the project operator, has told RBC. According to Vasilyeva, the estimated value of the offshore gas pipeline currently stands at over EUR5bn, although the figures were presented at the project's early stages. It has been suggested that the project budget be revised higher to factor in all the newly defined value factors, such as the supply and laying of pipes, logistics, as well as environmental survey. The spokesperson elaborated that pipe supply contract were already signed, a contract for laying pipes was due to be inked in February 2008, and that logistical tenders were in their final stages, while an environmental opinion would be presented in April 2008. Once all these documents are in, the project's shareholders are to approve a new budget.