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Germany: Wintershall to join Russian-led Nord Stream-2 gas pipeline00:38

Germany: Wintershall to join Russian-led Nord Stream-2 gas pipeline

Germany, Berlin
July 31, 2015 at 15:23 GMT +00:00 · Published

Germany's largest crude oil and natural gas producer Wintershall, with its Berlin headquarters filmed on Friday, announced that it plans to join the new pipeline project led by Russian firm Gazprom that expects to deliver up to 55 million cubic metres of gas annually to Germany via the Baltic Sea.

A memorandum of understanding was signed on Friday between Wintershall's parent company BASF and the largest natural gas producer in the world, Russia's Gazprom. E.On, OMV and Royal Dutch Shell have also agreed to participate in the expansion of the Nord Stream pipeline and signed a memorandum of intent at the 2015 St. Petersburg Economic Forum in June.

Gazprom estimates the cost of production at €9.9 billion ($10.9 billion) with the construction consortium planned to launch this September and the actual project expected to begin by the end of 2019. Gazprom will retain a 51 percent stake in the project with the rest divided up by the foreign shareholders.

Germany: Wintershall to join Russian-led Nord Stream-2 gas pipeline00:38
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Description

Germany's largest crude oil and natural gas producer Wintershall, with its Berlin headquarters filmed on Friday, announced that it plans to join the new pipeline project led by Russian firm Gazprom that expects to deliver up to 55 million cubic metres of gas annually to Germany via the Baltic Sea.

A memorandum of understanding was signed on Friday between Wintershall's parent company BASF and the largest natural gas producer in the world, Russia's Gazprom. E.On, OMV and Royal Dutch Shell have also agreed to participate in the expansion of the Nord Stream pipeline and signed a memorandum of intent at the 2015 St. Petersburg Economic Forum in June.

Gazprom estimates the cost of production at €9.9 billion ($10.9 billion) with the construction consortium planned to launch this September and the actual project expected to begin by the end of 2019. Gazprom will retain a 51 percent stake in the project with the rest divided up by the foreign shareholders.

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