French energy company GDF Suez SA's (GSZ.FR) chief executive said Friday the company will acquire a 9% stake in the Nord Stream AG consortium "within the coming weeks."

Gerard Mestrallet said the process had been held up for "technical reasons" regarding financing the first phase of construction of an underwater pipeline from Russia to Germany . Nord Stream is a joint venture led by OAO Gazprom (GAZP.RS) that is building the pipeline.

Gazprom's Deputy Chief Executive Alexander Medvedev said: "The financing [for the first phase of Nord Stream] will be completed in the coming one or two weeks, and this will pave the way for GDF Suez to enter the project."

"There are no problems," he added.

Nord Stream 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%.

E.ON and BASF are expected to reduce their stakes to 15.5% each to give GDF Suez a 9% stake.

Nord Stream Chief Financial Officer Paul Corcoran said Thursday it expects to complete EUR2.5 billion in financing for the second phase of the project in the fourth quarter of 2010.

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