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Nord Stream gaining more traction

19 October 2009

Nord Stream has received 38 responses from banks to its request for proposals for the Eu3.9 billion ($5.69 billion) financing for its Russia-Germany pipeline project. The sponsor – jointly advised by Commerzbank, SG and RBS – is expected to appoint lenders on, or around, 23 October.

The project is also garnering more equity and offtake interest. GDF Suez is expected to take a 9% stake – 4.5% each from E.ON and BASF/Wintershall – by the end of the year and is using the same shareholding purchase documentation as when Gasunie joined the deal, which should speed up the process. Furthermore, DONG Energy has signed a second offtake agreement with Gazprom that doubles its 20 year 1 bcm/y preliminary agreement signed in 2006: The new additional contract, under which Gazprom will deliver an additional 1 bcm/y of gas for 18 years, is linked to the finalisation of the second phase of...

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