Zubkov: partners in Nord Stream 2 to work and when US sanctions

© RIA Novosti / Sergey Goneeverything in PhotoBank shop ETERNO JSC Chelyabinsk tube rolling plant. Archival photoZubkov: partners in Nord Stream 2 to work and when US sanctions© RIA Novosti / Sergey Goneeverything the image Bank

None of the partners of «Gazprom» on the «Nord stream-2» has announced its withdrawal from the project after reports about the intention of the U.S. to tighten sanctions against Russia; the project is already underway, said on Wednesday RIA Novosti Chairman of the Board of Directors of the Russian company and the special representative of Russian President on interaction with the Forum of gas exporting countries Viktor Zubkov.

«I think that Europe in this commercial project is very interested. The largest company signed a financing agreement, it is almost comes, money goes, and doing some steps ago it would have been absolutely wrong. Therefore, I believe that common sense will prevail and Europe really needs to get this quantity of gas, stable 55 billion (cubic meters per year). I think the project will take place,» he said.

Zubkov added that none of the partners has announced its withdrawal from the project. «On the contrary, all partners are committed to constructive work, and it goes, all right,» — said the Agency interlocutor.

The U.S. Senate on Thursday completed the approval procedure of the draft law providing for new sanctions against Russia. In particular, it is proposed to reduce the maximum term of market financing of Russian banks under sanctions, up to 14 days, of the companies subjected to the oil and gas sector — up to 30 days. The bill also includes the possibility of sanctions against persons who intend to invest more than $ 5 million a year or $ 1 million lump sum in the construction of Russian export pipelines or provide project services technology to provide information support.

At the end of April, Nord Stream AG and 2 European partners had signed the financing agreement of the «Nord stream-2». Five European companies have pledged to provide long-term funding of up to 50% of the total cost of the project, which is estimated at 9.5 billion euros. The contribution of each of the five companies will amount to approximately EUR 950 million. While 2 of the Nord Stream plans to raise 70%, or of 6.65 billion euros for the construction of a gas pipeline in the framework of project financing.

«Gazprom» noted that partners on the «Nord stream-2»- Shell, OMV, Engie, Uniper and Wintershall — will provide the company Nord Stream AG 2 credits at the rate of 6% per annum until 2019. Itself «Gazprom» will provide Nord Stream 2 funding on the same terms. Also on 2 June, the partners concluded an agreement on deficit financing of the project. Under the agreement, in the case of the involvement or lack of project Finance partners will provide Nord Stream 2 loan to 6.65 billion euros at a rate of EURIBOR + 5.75% to 6.75% per annum (depending on funding).

The project «Northern stream-2» involves the construction of two pipelines with a total capacity of 55 billion cubic meters of gas off the coast of Russia through the Baltic sea to Germany. The new pipeline is planned to be build next to the «Nord stream».