Austrian energy company OMV to invest $1.1 bn in Nord Stream 2 pipeline

Jun 23, 2016 12:00 AM

Austrian energy company OMV plans to invest $1.1 billion in the Nord Stream 2 gas pipeline.

Austrian energy company OMV intends to invest 1 billion euros ($1.1 billion) in the Nord Stream 2 project providing gas from Russia to Europe, the company's CEO Rainer Seele said on Thursday.

"We hold a 10-percent stake, as other European partners do. Given the project's funding totals 10 billion euros, our part will amount to 1 billion euros," Seele told RIA Novosti.

He added that the stakeholders expected to raise funding for the projects.

The Nord Stream 2 project aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union across the Baltic Sea to Germany, bypassing Ukraine and Poland, as well as the Baltic states.

The gas pipeline project plans to use the original Nord Stream pipeline for 86-percent of the route before branching off.

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