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News // Politics

Gazprom to announce Nord Stream 2 financing deal

03 March 2017 , 18:00Neftegaz.RU650

Hoping to end a series of political battles with European regulators, Gazprom will announce a financing package for the $11 billion Nord Stream 2 gas pipeline by the end of March.

 

In August 2016, the company’s plans to split the cost of the pipeline with the project’s European partners (including Engie, OMV, Wintershall, Uniper and Royal Dutch Shell) were abandoned after Polish regulators objected.

 

Along with Poland, several other eastern European countries have objected to the pipeline, primarily on the grounds that it will increase the EU’s reliance on Gazprom.

However, Gazprom has highlighted that the pipeline is a commercial venture.

 

Reportedly, Gazprom does not want to bear the full cost of the project and it is still seeking ways to avoid doing so.

 

The Russian company also told the Financial Times that European firms are still preparing to seek a way of contributing to the pipeline’s construction.

«Theoretically, Gazprom could carry the whole cost but I believe that our co-operation with our partners will not allow us to do it,» told Gazprom Vice-Chairman Alexander Medvedev.

 

Gazprom has also been blocked from fully utilising the Opal pipeline by European courts who temporarily upheld a Polish complaint that its dominant user status hurt competition.

«Blocking of Opal is giving us substantial financial damages,» Medvedev said.

 

Despite the above, Gazprom expects revenue from its gas exports to grow to $35 billion in 2017, compared to $30 billion last year.

 

Medvedev stated: «At the end you always want to talk about positive figures: in 2016, we have received more than $30 billion of foreign exchange earnings, and there are opportunities for this figure to increase in 2017 to at least $35 billion.»

 

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