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01/03/2010 - On signing memorandum with regard to addtional gas supplies to GDF Suez and the nord stream project
Today in Paris and in presence of President of Russia Dmitry Medvedev and
President of France Nicolas Sarkozy Gazprom Management Committee Chairman Alexey Miller and GDF SUEZ Chairman and Chief Executive Officer Gérard Mestrallet signed a Memorandum on additional supplies of Russian natural gas and on the entry of GDF SUEZ into the Nord Stream project.
The document specifies that the parties have started discussions about supplying to
GDF SUEZ up to 1.5 bcm of additional gas per year from 2015. The supplies will be fulfilled via Nord Stream.
Alexey Miller and Gérard Mestrallet also expressed their satisfaction with the progress made to finalize the deal under which GDF SUEZ will become shareholder of Nord Stream AG with a share of 9 per cent in its capital before the start of the gas pipeline construction.
«Nord Stream is a strategically important pipeline for Europe. The value of the project is difficult to overestimate, as it will be an additional guarantor of energy security for millions of consumers and give them confidence in the future. Nord Stream is a good example of an offshore gas pipeline complying with stringent international environmental requirements. It recently received the last approval needed to begin construction in April of this year. We and our colleagues at GDF SUEZ believe that Nord Stream does not merely strengthen cooperation between our companies, but will also help develop the energy sector of the entire continent and be another factor in the success of the long-term Russo-French partnership in the gas sphere», - said Alexey Miller.
«In the framework of the cross-year 2010, year of Russia in France and of France in Russia, the agreement with Gazprom, our long term Russian partner and largest gas producer in the world, illustrates the high-quality relationship developed over the years. Furthermore, GDF SUEZ regards with high consideration this major industrial partnership with Gazprom.
By entering in Nord Stream AG and increasing its gas purchase from Russia, GDF SUEZ aims at contributing to the security of supply of Europe including North West Europe where the Group is one the major power producers and holds a large portfolio of final power and gas customers», - declared Gérard Mestrallet.
Background:
Nord Stream is a fundamentally new route for Russian gas export to Europe. Going through the waters of the Baltic Sea from the Portovaya Bay (near Vyborg) to the German coast (near Greifswald) the gas pipeline will stretch for approximately 1,200 km. The first Nord Stream line with a capacity of 27.5 bcm per year is projected to be commissioned in 2011. The construction of the second line of the gas pipeline will allow increasing gas capacity to 55 bcm.
The Nord Stream project is being implemented by the joint venture Nord Stream AG, set up for the planning, construction and further operation of the offshore gas pipeline. Stakes in Nord Stream AG are currently distributed as follows : Gazprom holds 51%, Wintershall Holding and E.ON Ruhrgas hold 20% each, and Gasunie holds 9%.
The cooperation in the gas supply sector between Gazprom and GDF SUEZ started in September 1975. In total, more than 300 bcm of natural gas has been supplied to GDF SUEZ.
In December 2006, Gazprom and GDF SUEZ signed an agreement on the renewal of their natural gas supply contracts until 2030. The parties also agreed on additional gas supplies of 2.5 bcm per year to GDF SUEZ to be shipped mainly via the Nord Stream gas pipeline.
| About GDF SUEZ | |
| One of the leading energy providers in the world, GDF SUEZ is active across the entire energy value chain, in electricity and natural gas, upstream to downstream. It develops its businesses (energy, energy services and environment) around a responsible-growth model to take up the great challenges: responding to energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy solutions to individuals, cities and businesses. The Group employs 200,000 people worldwide and achieved revenues of €83.1 billion in 2008. GDF SUEZ is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and ASPI Eurozone.
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