GDF Suez SA (GSZ.FR) will likely be the last new member of the Nord Stream consortium which is laying a gas pipeline under the Baltic Sea from Russia to Germany, Wintershall AG Chief Executive Rainer Seele said Thursday.
GDF Suez SA (GSZ.FR) will likely be the last new member of the Nord
Stream consortium which is laying a gas pipeline under the Baltic Sea from
Russia to Germany, Wintershall AG Chief Executive Rainer Seele said Thursday.
At Wintershall's annual press conference in Kassel, Germany, Seele said the
Nord Stream consortium would have to look into whether or not it would make
economic sense for a sixth partner to join the pipeline.
He added, however, that he doesn't think the project requires a further
partner.
Nord Stream is 51% owned by Gazprom OAO (GAZP.RS) in partnership with the oil
and gas unit of chemicals group BASF SE (BAS.XE), Wintershall, German utility
E.ON AG (EOAN.XE), which hold 20% each, and Dutch gas network operator
Nederlandse Gasunie NV, which has 9%.
E.ON and BASF are expected to reduce their stakes to 15.5% each to provide a 9%
stake for
France
's GDF
Suez SA (GSZ.FR) in the next two weeks.
Nord Stream will be 1,220 kilometers long and consist of two parallel lines.
The first, with a transmission capacity of about 27.5 billion cubic meters a
year, is due for completion in 2011.
The second is due to be completed in 2012, doubling annual capacity to about 55
billion cubic meters. This is enough to supply more than 25 million households
in
Europe
.
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