Gazprom to decide on investing in North European Pipeline

In the fourth quarter of 2004, Gazprom will complete all preparations and make a final decision on the volume of investments in the construction of the North European Pipeline, the press service of the Russian gas giant reported. A corresponding draft business plan is almost finished and can be taken as a base for developing a more detailed feasibility study. Gazprom also decided to attract Linklaters as its legal consultant and Dresdner Bank and ABN Amro as financial consultants for the project.

As reported earlier, the Gazprom board decided to start the construction of the pipeline on November 18, 2002. The 1,189-kilometer pipeline will go along the bottom of the Baltic Sea through Germany to the UK. It will also have taps for supplying natural gas to Finland, Sweden and other states.

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