OAO Gazprom's (GAZP.RS) deputy chief executive Friday said the entire volume of the Nord Stream AG natural gas pipeline project's first phase, or 27.5 billion cubic meters, has either been contracted or agreed with European companies.

Alexander Medvedev said volumes of gas transported to Europe via Belarus won't be reduced when Nord Stream becomes operational.

The Nord Stream pipeline will run from Russia to Germany . The project is 51% owned by Gazprom, 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%.

French energy company GDF Suez SA (GSZ.FR) is expected to acquire a 9% stake in Nord Stream in the coming weeks, with E.ON and BASF reducing their stakes to 15.5% each.

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