GDF Suez to acquire 9% of Nord Stream pipeline

GDF Suez SA reported it will take a 9% stake in Nord Stream AG before construction of that 1,200-km natural gas pipeline that will link Russia and the European Union via the Baltic Sea.

Doris Leblond
OGJ Correspondent

PARIS, Mar. 3 -- GDF Suez SA reported it will take a 9% stake in Nord Stream AG before construction of that 1,200-km natural gas pipeline that will link Russia and the European Union via the Baltic Sea. GDF Suez also will receive as much as 1.5 billion cu m (bcm) of gas from the line starting in 2015.

This will be added to the 12 bcm/year that OAO Gazprom already sends to GDF Suez.

The first stage of Nord Stream is due for commissioning in 2011 with a 27.5 bcm/year capacity. The second stage is to be commissioned in 2015 with a 55 bcm capacity from which GDF Suez will receive its 1.5 bcm/year.

Although memorandum for the gas supply and the 9% acquisition has not been officially signed, both parties confirmed GDF Suez is to acquire 4.5% each from E.On Ruhrgas AG, and Wintershall Holding AG, each of which now hold 20% of Nord Stream. “Some details of this transaction still need to be finalized,” a GDF Suez spokesman told OGJ.

When finalized, the Nord Stream joint venture will include Gazprom with 51%, Wintershall and E.On Ruhrgas, 15.5% each, NV Nederlandse Gasunie, 9%, and GDF Suez, 9%.

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