Nord Stream II being of strategic importance for boosting reliability of gas supply to Europe
Vladivostok hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Klaus Shaefer, Member of the Management Board of E.ON as part of the Eastern Economic Forum.
The parties addressed the current issues and prospects for further cooperation in the energy sector. Special attention was given to increasing the efficiency of Russian gas supplies to consumers in Germany and Europe in general. Particularly, the meeting touched upon the success of the Nord Stream project.
The meeting participants pointed out the relevance of constructing the Nord Stream II gas pipeline and stressed the strategic importance of this export route as well as its significance for boosting the reliability of gas supply to Europe.
Background
E.ON is Europe's largest investor-owned electric power and gas company.
Currently, the cooperation between Gazprom and E.ON is not limited to gas trading. The companies jointly participate in the Yuzhno-Russkoye oil and gas field development as well as the Nord Stream project implementation.
Running from Russia to Germany under the Baltic Sea, Nord Stream is an export gas pipeline with an annual capacity of 55 billion cubic meters. Nord Stream AG is a joint company (Gazprom holds 51 per cent, Wintershall and E.ON – 15.5 per cent and ENGIE – 9 per cent) operating the project.
On June 18, 2015 Gazprom, E.ON, Shell and OMV signed the Memorandum of Intent stipulating the construction of two strings of the Nord Stream II gas pipeline with an aggregate annual capacity of 55 billion cubic meters, to be laid from Russia to Germany via the Baltic Sea.
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