Gazprom and BASF spotlight importance of timely execution of Nord Stream 2 project
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Kurt Bock, Chairman of the Board of Executive Directors of BASF, took place in Moscow today.
The parties discussed the ongoing cooperation between the companies, paying particular attention to the Nord Stream 2 project. It was noted that the project was implemented for the benefit of European consumers. At present, Russian gas imports to Europe continue to grow. Specifically, in the first half of 2017 Gazprom supplied Germany with 26.5 billion cubic meters of gas, an increase of 3.8 billion cubic meters (+16.7 percent) against the first six months of 2016. The parties stressed the importance of the timely implementation of the project.
BASF SE is a leader in the global chemical industry. The company’s portfolio includes oil and gas, chemicals, synthetics, and petroleum derivatives.
Wintershall Holding GmbH, a wholly-owned subsidiary of BASF, is Gazprom’s partner in gas transmission (Nord Stream gas pipeline) and the development of the Yuzhno-Russkoye oil, gas and condensate field and Blocks 1A, 4A and 5A in the Achimov formations of the Urengoyskoye oil, gas and condensate field.
Nord Stream 2 is the construction project for a gas pipeline with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea. The project is implemented by Nord Stream 2 AG, where Gazprom is the sole shareholder. On April 24, 2017, Nord Stream 2 AG, ENGIE S.A., OMV AG, Royal Dutch Shell plc, Uniper SE, and Wintershall Holding GmbH signed the financing agreements for the Nord Stream 2 project. The gas pipeline will be brought into operation before the end of 2019.