Russia to construct new gas pipeline to Germany via Baltic Sea – Gazprom
Gazprom is planning to construct two threads of a new gas pipeline with a capacity of 55 billion cubic meters per year. Shell, E.On and OMV have been invited to participate, said the company. This could double direct supplies of Russian gas to Europe.
The four companies have signed a memorandum of intent to create the gas transportation infrastructure to ensure direct supplies of Russia gas to European consumers.
“The memorandum demonstrates the intention of the sides to construct the two threads of the pipeline from the coast of Russia through the Baltic Sea to the coast of Germany. The capacity of the new pipeline will be 55 billion cubic meters annually,” Gazprom said in a statement.
The new pipeline will have a similar route to Nord Stream, said Gazprom spokesman Sergey Kupriyanov.
The company’s stake will be no less than 51 percent, he added.
Given declining production in Europe, as well as a global increase in demand for gas, Gazprom, E.ON, Shell and OMV will shortly create a joint venture to implement the project intended to fill the demand gap, TASS reports.
After signing an agreement of intent Gazprom CEO Aleksey Miller is expected to hold a meeting with Greek Prime Minister Alexis Tsipras and Energy Minister Panagiotis Lafazanis, a government source told the Sputnik news agency.