Subscribe to our news feedNord Stream Project to receive first loans by year-end
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Published on Tuesday 24th November 2009
The Nord Stream Project is expected to receive its first loan instalment by the end of the year, according to reports. Banks are to provide some €3.9 billion (£2.35 billion), said Matthias Warnig, managing director of the consortium. Speaking at a Moscow conference last week, he explained the total spend on the project which will connect Russia and Germany with a pipeline through the Baltic Sea will stand at €7.4 billion. A further €2.6 billion will be sought at the beginning of next year, Mr Warnig commented. "We will be able to secure €3.9 billion before the end of the year ... 29 banks have confirmed their participation in the project," he added. The 1,220kilometre pipeline is expected to be operational by 2011, when it will begin transporting 27.5 cubic metres of gas a year. This figure may double the following year. Poland recently called for the conduit to run under the Baltic Sea instead of lying on the sea bed in the countrys waters due to fears over the potential for obstructing the development of the Swinoujscie gas terminal. 
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