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Nord Stream gets start-up money for building pipe

Tags: Nord Stream , Gazprom, Business, World, Russia, News
 
Mar 16, 2010 13:57 Moscow Time
Nord Stream. Photo: EPA
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The Nord Stream AG consortium has secured 3.9 billion euros in financing, allowing it to start building the pipeline to pump Russian natural gas to Europe under the Baltic Sea, The Financial Times reported on Tuesday. The funds will come from 26 banks with loan guarantees from an array of major Italian and German credit agencies, the newspaper said.  It quoted Paul Corcoran, Nord Stream's chief financial officer, as saying on Tuesday that the pipeline has now everything in place to begin construction already next month. The 1,220 km-long Nord Stream pipeline will stretch from Russia's Vyborg near the Finnish border to Greifswald on Germany's coast. The pipe’s first leg is due to be put into operation before the end of next year. Russia’s energy giant Gazprom has a 51 percent stake in the project, whose total cost is estimated at 7,4 billion euros.   

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