Gazprom will pay for the construction of Nord Stream 2 itself
The Russian energy giant, Gazprom, will pay the costs of the construction of the trans-Baltic gas pipeline, Nord Stream 2, after Austrian oil company, OMV, and other European partners abandoned their plans, as reported by Der Standard.
"Gazprom lost hope for the participation of European partners in the Nord Stream 2 pipeline project, at least for the near future," the newspaper reports. Gazprom planned to implement the Nord Stream 2 project together with European oil companies, Engie, OMV, Shell, Uniper, and Wintershall while maintaining 51% controlling share. However, European partners have refused financing, leaving Gazprom to invest 1.75 billion euro, double the amount originally planned.
European companies have withheld funding for the Nord Stream 2 project due to the resistance of Polish antimonopoly regulators which made it no longer possible to implement the initial phase of the project, while only in December 2016, Gazprom stated that they did not see any risks related to financing the construction of the Nord Stream 2 pipeline.
Then the Deputy Chairman of the Russian gas company, Alexey Miller, reported that that all Nord Stream 2 project members confirmed their participation and that the project will be implemented on schedule.
In December 2016, authorities of the Swedish island of Gotland refused to lease the harbor for the Nord Stream 2 project.
The Nord Stream 2 pipeline calls for the construction of two segments of the gas pipeline with a capacity of 55 billion cubic meters of gas per year from the Russian coast through the Baltic Sea to Germany.