Nord Stream AG is a joint venture company established by five major energy companies: OAO Gazprom, BASF SE/Wintershall Holding GmbH, E.ON Ruhrgas AG, N.V. Nederlandse Gasunie and GDF SUEZ S.A. to implement the Nord Stream Pipeline Project.
The Nord Stream Pipeline Project consists of two 1,224 kilometre natural gas pipelines through the Baltic Sea, directly linking the European Union to some of the world’s largest gas reserves in Russia. The Nord Stream Pipeline will soon be ready to contribute to the EU’s energy security and helping it to meet its greenhouse gas reduction goals. Nord Stream is on schedule to start transporting gas directly to the EU in the last quarter of 2011.
When fully operational in the last quarter of 2012, the twin pipeline system will supply 55 billion cubic metres (bcm) of Russian gas a year to the EU, for businesses and households for at least 50 years.
The project’s privately financed 7.4 billion euro investment is also providing a major stimulus for many sectors of the European and Russian economies.
The Nord Stream project has set new benchmarks for international teamwork and collaboration between partners and suppliers across Europe and Russia.
The pipeline represents a lasting commitment in the EU-Russia energy partnership.