Gazprom, GDF in gas supply deal to 'improve' Europe's security of supply

Gazprom is to supply to GDF SUEZ up to 1.5bn cubic meters of additional gas per year from 2015 via its Nord Stream project under a deal. The deal will also see GDF SUEZ take a 9% capital holding in Nord Stream AG before the start of the gas pipeline construction. The Nord Stream is a strategically important pipeline for Europe, according to Gazprom chairman Alexey Miller, who said the value of the project was difficult to overestimate, as it will be an additional guarantor of energy security for millions of consumers and give them confidence in the future. The project is being implemented by the joint venture Nord Stream AG, set up for the planning, construction and further operation of the offshore gas pipeline. Stakes in Nord Stream AG are currently distributed as follows: Gazprom holds 51%, Wintershall Holding and E.ON Ruhrgas hold 20% each, and Gasunie holds 9%.