RUSSIA’s Gazprom has acquired a 51% stake in the North European Gas Pipeline Co from ZGG GmbH, an affiliated company in Germany. The package of shares was transferred to Gazprom’s balance sheet in April, following the board’s approval.
The joint Russian-German NEGP Co was formed for the construction of the subsea component of the NEGP project. Construction under the £3.3-bn project, which is managed by Gazprom, began last year. The pipeline, which is to include two parallel lines measuring 1200km each, will connect the Baltic coastline near the Russian city of Vyborg with the Greifswald region on the German coast. The first leg of the pipeline is expected to have an estimated capacity of 27.5bn cum/yr, and the second will double the overall capacity to 55bn cum/yr.
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