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GDF Suez to get 9% stake in Nord Stream project within weeks

GDF Suez will finalise a deal which grants it a 9% stake in the Nord Stream gas pipeline project “in the coming weeks”, according to the company’s vice chairman and president Francois Cirelli.

Cirelli said that the deal, which would see GDF Suez acquiring a 4.5% stake each from Eon Ruhrgas and Wintershall, could be finalised at a St Petersburg gas forum next month.

The Nord Stream consortium is building two 1,220km parallel pipelines between Vyborg in Russia and Greifswald in Germany, which will bring gas from Russia to western Europe.

The first pipeline, with a transmission capacity of 27.5bn.m3 a year, is due for completion in 2011. The second is due to be completed in 2012, bringing annual capacity to 55bn.m3.

When the GDF Suez deal is finalised, the Nord Stream consortium will comprise: Gazprom with 51%, BASF/Wintershall and Eon Ruhrgas with 15.5% each, Nederlandse Gasunie and GDF Suez with 9% each.

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