Gazprom and ENGIE modify Nord Stream 2 shareholdings, equalizing EU-Russian ownership
Nov. 12, 2015 | St Petersburg | Gazprom and ENGIE today announced a modification of their stakes in the Nord Stream 2 project to build a natural gas pipeline through the Baltic Sea.
Gazprom will reduce its holding to 50% and ENGIE will take 10% of the Nord Stream 2 AG company, compared to their previous stakes of 51% and 9% respectively. The shareholdings of E.ON, Wintershall, OMV and Shell remain unchanged, each at 10%.
This new shareholder structure equalizes EU and Russian interests in Nord Stream 2, reflecting the significance of this new infrastructure for Europe’s future energy supply needs.
Nord Stream 2 AG was launched in September 2015 to enhance supply of natural gas to the European Union market. The company plans to construct two offshore pipelines with a combined annual capacity of 55 billion cubic meters of gas, which will transport natural gas from Russia through the Baltic Sea to Germany. Nord Stream 2 will supplement the existing Nord Stream pipeline system and build on that project’s success in implementing safe and reliable infrastructure.
The announcement was made on 12 November 2015 in St Petersburg, as ENGIE and Gazprom celebrated the 40th anniversary of their commercial cooperation, which began with the 1975 signing of the first natural gas supply contract between Gaz de France and Sojuzneftegazexport.