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Nord Stream 2 to start attracting project financing in couple of months

Staff Writer | February 23, 2018
The Nord Stream 2 project will begin the process of attracting additional financing in the next couple of months, chief financial officer Paul Corcoran said.
Nord Stream 2
Energy   Gazprom, Engie, Shell, OMV, Uniper, and Wintershall
"We are starting the process in next couple of months and that will take up to a year," Corcoran said on the sidelines of the IP Week in London.

He reminded that Russia’s energy giant Gazprom and five financial investors — Engie, Shell, OMV, Uniper and Wintershall — were already financing the project. However, under their plan, 70 percent of the gas pipeline construction is to be covered by the project financing.

Speaking further, Corcoran said that the project expected to receive a permit for the construction and operation of the gas pipeline in the Exclusive Economic Zoneof Germany in the next few weeks.

"We received the German territorial water permit already. We expect the exclusive economic zone permit in Germany in the next weeks," Corcoran said on the sidelines of the IP Week in London.

The start of the construction of the Nord Stream 2 is scheduled for summer, he reiterated.