Nord Stream 2 AG has signed contracts with Engie, OMV, Royal Dutch Shell, Uniper and Wintershall on the financing of the Nord Stream 2 gas pipeline.

The companies will provide half of the project cost of EUR 9.5 billion, TASS has reported, quoting Gazprom.

According to this, the five European energy companies will each pay as much as EUR 950 million, while the rest will be provided by Russia’s giant Gazprom, which remains the only shareholder of the project company, Nord Stream 2 AG.

The construction will start in 2018 and finished in 2019, the companies taking part in the project have announced.

The 1,220-kilometer long pipeline will have annual capacity of 55 billion cubic meters and will double the amount of natural gas Russia delivers to Germany via the Baltic Sea directly, circumventing Ukraine as a traditional transit route.

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