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Gazprom’s Management Committee reviews progress of Nord Stream 2 project

May 17, 2016, 18:00

The Gazprom Management Committee took note of the information about the progress of the Nord Stream 2 project. It was emphasized that the creation of the new gas transmission system was important in light of the constantly rising demand for Russian gas in Europe. Specifically, Gazprom's supplies to the European market climbed by eight per cent in 2015 compared to 2014. The growth trend continues this year as well: the Company's gas exports have gone up by 9.5 billion cubic meters in the first four months of 2016 compared to the January-April period of 2015.

The meeting participants stressed that the new gas pipeline would dramatically increase the reliability of energy supplies to Europe and strengthen the liquidity of gas hubs, thus facilitating the development of the European gas market.

Moreover, Nord Stream 2 will help European countries achieve the emission reduction targets. A wider use of natural gas as the greenest fossil fuel will substantially improve the environmental situation on the continent.

As of today, geophysical surveys have been completed for the subsea section of Nord Stream 2 and geotechnical investigations are underway. Detailed surveying is planned to be conducted along the pipeline route in the near future.

The design of the subsea section and the pipeline landfall in Russia is being developed. The national reports and the consolidated report on environmental impact assessment are under preparation.

In March 2016, the pipe supply tendering for the Nord Stream 2 project was completed. The contracts were awarded to Europipe (40 per cent), OMK (33 per cent), and ChelPipe (27 per cent). Gazprom signed pipe supply contracts with the above companies in April 2016.

In addition, the Company called for tenders to lay the deep-water section of the pipeline, with the exception of coastal areas.

The meeting participants expressed their confidence that the project would be successfully delivered and the gas pipeline would be commissioned before late 2019.

Background

On September 4, 2015, Gazprom, BASF, E.ON, ENGIE, OMV, and Shell inked the Shareholders Agreement to construct the Nord Stream 2 gas pipeline system with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea.

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