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Nord Stream-2 participants to allocate €6.65bn if project financing is not provided

Staff Writer |
Gazprom, Engie, OMV, Royal Dutch Shell, Uniper and Wintershall signed an agreement on deficit financing for the Nord Stream-2 project, Gazprom said.

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The agreement envisages granting a loan of up to 6.65 billion euros to the Nord Stream-2 in case of insufficient project financing.

"The agreement on deficit financing regulates the obligation to provide a loan to Nord Stream-2 AG in the event of failure to attract or insufficient attraction of project financing (up to 70% of the total project costs, or up to 6.65 bln euros) under the EURIBOR + rate from 5.75 % to 6.75% per annum (depending on the volume of financing), "the statement said.

Earlier, Gazprom and five European companies - France’s Engie, Austria’s OMV, British-Dutch Royal Dutch Shell, Germany’s Uniper and Wintershall signed an agreement on the new financing model for the Nord Stream-2 gas pipeline project.

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