(Source: http://nanews.org)

The German concern BASF plans to invest about two billion euros in joint projects with “Gazprom” in the next five years. It was reported by “Interfax” referring to the statement of the Head of BASF Kurt Bock made at a press conference.

BASF is one of the main partners of “Gazprom” in the implementation of the “Nord Stream 2” project. At the same time on October 8 the European Commissioner for Climate and Energy, Miguel Arias Cañete, speaking before the members of the European Parliament in Strasbourg said that the gas pipeline project “Nord Stream-2” did not correspond to the EU strategy on diversification of the sources and routes of gas supplies. Cañete noted that if the pipeline was built, it would not only increase Europe’s dependence on a single supplier, but also increase Europe’s dependence on a single route. 80 percent of gas exports from Russia after completion of construction will be delivered in Germany. In turn, this will lead to a dominant position of “Gazprom” on the market.

The Shareholders’ Agreement on the construction of the third and fourth lines of the pipeline “Nord Stream” (“Nord Stream-2” project) was signed in early September within the framework of the Eastern Economic Forum in Vladivostok. The structure of the new consortium includes “Gazprom”, E.ON, Shell, BASF / Wintershall, OMV and ENGIE. (51 percent are owned by the Russian concern, 9 percent – by ENGIE, the rest own 10 percent). New two lines with a total annual capacity of 55 billion cubic meters will go from the Russian coast of the Baltic Sea to Germany.

The current “Nord Stream” pipeline includes two lines that are 1224 kilometers long with a capacity of 27.5 billion cubic meters per year each. It passes through the bottom of the Baltic Sea and connects the power system of the European Union with the largest natural gas fields in Western Siberia.