Nordstream II, a proposed gas pipeline project connecting Russian and German coasts from the floor of the Baltic Sea, has taken another step forward with the recent signing of a Memorandum of Intent between Gazprom and BASF in Berlin. Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Hans-Ulrich Engel, Member of the BASF Board of Directors, signed the agreement respectively on behalf of their companies.
The document reflects the parties' intent to construct two strings of the gas pipeline bringing an additional 55 billion cubic meters of natural gas per year into Europe. The aim is to complete the first expansion strand in the fourth-quarter of 2019 and the second in the fourth quarter of 2020.
“For over twenty years now, Gazprom and BASF have jointly constructed gas pipelines meant for reliable supply of Russian gas to Europe. We are ready to apply the expertise gained in this area to the Nord Stream extension. We are happy to know that Gazprom and other European partners declared their determination to take part in this important infrastructure project,” said Hans-Ulrich Engel.