German company Wintershall has provided 324 million euros ($399.9 million) for the Nord Stream 2 gas pipeline project between Russia and Germany bypassing Ukraine. the company said in a report.
`Wintershall is contributing to the financing of the new Nord Stream 2 project as a co-creditor… Wintershall will provide up to €950 million. As of December 31. 2017. €324 million of this amount had already been paid out.` the report read.
Nord Stream 2 is a joint venture of Russia’s Gazprom with France`s Engie. Austria’s OMV AG. UK-Dutch Royal Dutch Shell. and Germany`s Uniper and Wintershall. It aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union across the Baltic Sea to Germany.
The pipeline project has been welcomed by some countries in Europe and opposed by some others. including Ukraine and Poland. while the United States has also expressed its opposition. According to Russia`s side. the US stance is connected with their ambitious plans for selling its LNG to Europe.
Wintershall Holding GmbH. a wholly owned subsidiary of German chemical company BASF. is involved in several joint ventures in Russia and cooperates with the country`s energy giant Gazprom.