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21/06/2010 - GDF SUEZ joins the Nord Stream Project
Today in St. Petersburg, in the presence of the President of Russia Dmitry Medvedev and the President of France Nicolas Sarkozy, Alexey Miller, Chairman of the Gazprom Management Committee, Gérard Mestrallet, GDF SUEZ Chairman and Chief Executive Officer, Bernhard Reutersberg, Chairman of the Board of E.ON Ruhrgas AG, Rainer Seele, Chairman of the Board of Wintershall Holding GmbH, Marcel Kramer, Chairman of the Board, President of Gasunie, and Matthias Warnig, Managing Director of Nord Stream AG, signed an agreement on GDF SUEZ joining the Nord Stream project.
This agreement is the Fifth Amendment to the Final Shareholders’ Agreement of Nord Stream AG and regulates the conditions of the entry of GDF SUEZ as a fifth shareholder into the operator company of the Nord Stream gas pipeline.
As a result of the transaction GDF SUEZ will receive 9% stake in the capital of Nord Stream AG after the two German shareholders have sold 4,5% of their shares to it.
Background :
Nord Stream is a new route for Russian gas supply to Europe, contributing to its security of supply and the diversity of GDF SUEZ supply portfolio. Going through the waters of the Baltic Sea from the Portovaya Bay (near Vyborg) to the German coast (near Greifswald) the gas pipeline will be approximately 1,200 km long.
The first Nord Stream line with a transportation capacity of 27.5 bcm per year is planned to be commissioned in 2011. The construction of the second line, to be completed in 2012, will increase gas transportation 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%.
On March 1, 2010 Gazprom and GDF SUEZ signed a Memorandum on additional supplies of Russian natural gas and on the entry of GDF SUEZ into the Nord Stream project.
| 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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