Dutch climb aboard Nord Stream project

MOSCOW -- Dutch gas infrastructure company N.V. Nederlandse Gasunie has agreed terms with Russian gas monopoly Gazprom about participating in the construction of the proposed Nord Stream gas pipeline, according to a Gazprom statement.

Gasunie will join Gazprom and German companies E.ON Ruhrgas and BASF/Wintershall as a participant in the pipeline project. Nord Stream was set up for the planning, construction and operation of a new offshore gas pipeline from Vyborg (Russia) to Greifswald (Germany). Gasunie will get a 9 per cent stake in the joint venture. Gazprom will keep its 51 per cent stake and the German companies E.ON Ruhrgas and BASF/Wintershall will hold 20 per cent each. E.ON Ruhrgas and BASF/Wintershall will each cede 4.5 per cent to Gasunie.

Matthias Warnig, Nord Stream Managing Director said: "Nord Stream AG welcomes the agreement between Gazprom and Gasunie and looks forward to its new Dutch shareholder. As a company specialising in gas infrastructure, Gasunie will make an essential contribution to our goal of securing Europe's future energy supply."

Marcel P. Kramer, Chairman of the Executive Board and CEO of Gasunie said: "Gasunie's participation as a fourth partner underlines the broad European scope of this important infrastructure project."

As part of the deal, Gazprom gains an option to acquire a 9 per cent stake in the Balgzand-Bacton-Pipeline (BBL) owned by Gasumie and which connects the Gasunie grid with the UK. If Gazprom decides to exercise its option, it would be able to transport gas all the way from Russia to the UK.

Gasunie will also contribute its technological expertise to the pipeline project. The company has over 40 years experience in the construction and operation of pipelines, such as the recently completed BBL pipeline, of which 230 kilometres run offshore, under the North Sea.