OMV can take credit for investing $1 billion in the “Nord stream-2”

VIENNA, October 9 RIA Novosti. Austrian oil and gas company OMV could be “the icebreaker” in the project “Northern stream-2”, took a loan of about $ 1 billion, as the Russian company “Gazprom” is not able alone to Finance this amount, according to the newspaper Kurier.

The newspaper reminds that previously the partners of the project “Northern stream-2” Engie, Gazprom, OMV, Shell and Wintershall Uniper has announced that it has decided to withdraw filed in Poland, the notification on the establishment of a joint venture for the construction of the pipeline. It was planned that these companies will become shareholders (with shares of 10%) of the company Nord Stream-2, which is currently 100% owned by “Gazprom”.

Now the partners are looking for a new model of project implementation. On Tuesday, October 4, at the St. Petersburg international gas forum the head of “Gazprom” Alexey Miller held meetings with representatives of the Engie, OMV, Shell and Wintershall Uniper, who confirmed his position to facilitate the project. However, no specific agreements regarding the implementation of the “Nord stream-2” was not declared.

“How do you hear from the consortium, OMV should play the role of an icebreaker and take the volume of credit in the amount of about $ 1 billion. Whether and when it will be converted to shares, OMV will have to inform officially,” says the publication. The author is confident that “however, Gazprom has problems to overpower billion investment alone.”

According to the representative of the OMV Johanness Vetter referenced Kurier, at the moment the company is looking for a solution to continue support for the project, while OMV “does not take any action that is not consistent with Austrian, European and international law”. Earlier, OMV reported that it has signed an agreement to sell 49% of its subsidiary Gas Connect Austria (GCA) companies Allianz and Snam for 601 million euros. The author of the Kurier newspaper says that the money can come in the form of investment in the Russian project.

The project “Northern stream-2” involves the construction of two pipelines with a total capacity of 55 billion cubic meters of gas off the coast of Russia through the Baltic sea to Germany. The new pipeline is planned to be build next to the “Nord stream”. As was stated by the Chairman of the Board “Gazprom” Alexander Medvedev, the capital cost of the “Nord stream-2” is expected at 8 billion euros, however, together with the cost of borrowing the amount can reach 9.9 billion euros.