Putin and Merkel back Nord Stream pipeline

Oct 16, 2007 02:00 AM

Russian President Vladimir Putin said that Moscow was on track to build the EUR 8 bn natural gas pipeline to Germany from Russia. Russia intends to complete the trans-Baltic Nord Stream pipeline by 2012 "according to plan," Putin told.
"Its implementation is in the interests of Russia and its European partners," he said.

German Chancellor Angela Merkel, meeting with Putin, said the project enjoyed German "political support" and that Germany looks forward to the project's economic benefits.
The first of two parallel pipelines, about 750 miles long, each with a transport capacity of about 27.5 bn cm a year, is to begin operations in 2010. In the second phase, capacity should double to about 55 bn cm a year.

Russian energy giant JSC Gazprom owns a 51-% stake in the project and Germany's BASF and E.ON hold 24.5 % each.

Source / United Press International
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