Wintershall said it plans to join the new gas pipeline project led by Russia’s Gazprom that’ll deliver up to 55 billion cubic meters of gas annually to Germany via the Baltic Sea.

A memorandum of understanding was signed by BASF/Wintershall and Gazprom Friday.

E.On, OMV and Royal Dutch Shell have already agreed to participate in expanding Nord Stream. A memorandum of intent was signed by the companies at the 2015 St. Petersburg Economic Forum (SPIEF) in June.

Wintershall is a subsidiary of chemical giant BASF, and is the largest crude oil and natural gas producer in Germany.

The Nord Stream-2 project is expected to follow the line of Nord Stream. Gazprom will retain a 51 percent stake in the project, while other shares will be divided between foreign shareholders.

Construction of the 1,224-kilometer Nord Stream pipeline began in 2010. The two adjacent pipelines have been operational since 2011 and 2012, with the annual gas throughput expected to reach 55 billion cubic meters.

Germany has been the biggest customer of gas from Gazprom, buying 38.7 billion cubic meters in 2014. This is roughly a third of all Gazprom exports to Western Europe.

Source: www.rt.com

Please leave comments and feedback below