On February 16, 2017, Wasco Coating acquired 100% equity interest in Germany-based firm Mutares Holding-16 AG for €19.5 million cash.
This acquisition will enable Wasco Coating Germany to use the existing plant and machinery in german Mukran, to perform its pipe-coating activities for the purposes of the Nord Stream 2 project.
The pipe-coating works planned for summer 2017. There are 10 400 pipes currently stored in Mukran.
On September 6, 2016, Wasco Coating entered into a contract with Nord Stream 2 AG (for the provision of concrete weight coating and storing of pipes) at a contract value of €600 million.
This project is expected to be completed by 3rd quarter of 2019.
Nord Stream 2 project builds on the experience of the 1st Nord Stream, which opened twin pipelines through the Baltic Sea in 2011 and 2012.
Similar to its predecessor project, Nord Stream 2’s natural gas pipelines through the Baltic Sea will have the capacity to transport 55 billion cubic meters (bcm) of Russian gas a year to the EU, for at least 50 years.
The new lines will stretch for some 1,200 kilometers across the Baltic Sea.
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