Gasprom Suggests Laying New Gas Pipeline From Russia To Germany

Gazprom, Ruhrgas AG, Wintershall AG and the Fortum company have agreed on mutual work on the project of laying a new gas pipeline from Russia to Germany across the Baltic Sea (the North European Gas Pipeline project), which should become a principally new route for Russian natural gas supplies to Western Europe. This agreement was reached at a meeting of CEOs of these companies in Moscow on April 24, 2001, a representative of the Gazprom Press Service told RBC. Implementation of this project will facilitate diversification of routes for Russian natural gas supplies to the markets of the Western European countries and an increase in the reliability and security of energy supplies to Europe, the companies' mutual statement reads. The pasties have agreed to work out the Terms of Reference of the project, a business-plan and a concept of financing on the basis of the preliminary Terms of Reference prepared by Gazprom and Fortum. A mutual task group has been formed to implement these agreements. On the basis of the Terms of Reference of the North European Gas Pipeline worked out by Gazprom and Fortum the task group will prepare necessary materials for further work on the project.