The financing of Nord Stream 2 has been agreed upon

  • Michaela Ceklová
  • 30.4.2017 18:17

On 24 April, the five companies investing in Nord Stream 2, Engie, OMV, Royal Dutch Shell, Uniper and Wintershall, have agreed on a framework for financing the gas pipeline construction. Each of the companies will pay 950 million euro as a part of a finance package representing circa 10 % of the cost of the pipeline construction, the remaining 50 % being paid by Russian Gazprom.

The Nord Stream 2 pipeline is being strongly criticised, with the largest criticism coming from Poland, Ukraine and other Central European countries. Poland and Ukraine are concerned about the dependence on Russian gas and possible strengthening of Gazprom's dominant position in the European gas market. The EU, under pressure from Central and Southeastern European states, announced at the end of March that after Gazprom's bid to settle a dispute with the European Commission, there are no longer any legal grounds for blocking the Nord Stream 2 project and therefore it intends to discuss energy security with Russia to calm Central and Southeastern Europe's concerns about dependence on Russian gas.

About author: Michaela Ceklová

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