Five European companies will provide nearly €5 billion on the “Nord stream-2”

2 Nord Stream AG (the operator of the pipeline “Nord stream-2”, “daughter” of “Gazprom”) signed with five European companies — the Engie, OMV, Royal Dutch Shell, Wintershall and Uniper — agreement on financing construction of the “Nord stream-2”. This was reported on the website of “Gazprom”.

The report States that European companies will provide long-term financing of the project in the amount of 50% of its total value, which is currently estimated at €9.5 billion Contribution of each of these companies will thus amount to €950 million, “Gazprom” will remain the sole shareholder in the project company Nord Stream AG 2, the report says.

Shares of “Gazprom” on the news of the agreement on financing the “Nord stream-2” has increased by 4.07% to close trading on the Moscow exchange, they also led the turnover of trades (8,422 billion.)

In March 2017 it was reported that the partners of the project “Northern stream-2” can define a model of financing to the end of the first half of 2017. “I am confident that we will find a solution to support the project not only morally, but also from a financial point of view,” — told reporters the head of the German company Wintershall Mario Mehren, after a meeting with the head of the energy Ministry of Russia Alexander Novak.

Earlier it was planned that the project partners will become shareholders of company Nord Stream 2, buying 10 percent share in the enterprise, but the application to create an SP in the summer of 2016 not agreed on the Polish Antimonopoly regulator UOKiK. In Poland declared that the transaction on creation of joint venture may lead to restriction of competition. “Nord stream-2” shall not pass through the territory of Poland, however, UOKiK was to issue a permit in accordance with the legislation of the European Union.

In the Russian Ministry of foreign Affairs called the decision “politically motivated and is designed for external consumption.” “This is not a decision that is dictated by economic justification, and they understand this perfectly,” said Director of Department of European cooperation Ministry of foreign Affairs Andrey Kelin.

In August 2016, “Gazprom” reported that the partners decided to withdraw the notification submitted to the Polish Antimonopoly authority.

The construction of “Nord stream-2” to begin in 2018, and its launch is scheduled for late 2019. The total capacity of the two pipelines, which will run from the Russian coast under the Baltic sea to Germany, must be 55 billion cubic meters of gas per year.