19 Oct 2010 16:49

Nord Stream issues RFP to banks for Phase II financing

ZUG. Oct 19 (Interfax) - Nord Stream AG, the operator of the project to build the Nord Stream pipeline under the Baltic Sea from Russia to German, has issued requests for proposal (RFP) to banks to raise financing for Phase II of the project, the company said in a press release.

"In keeping with its current financial structure, Nord Stream intends to finance Phase II of the Nord Stream Pipeline with 30% equity from shareholders (Gazprom, BASF/Wintershall, E.ON Ruhrgas, Gasunie, and GDF Suez) and 70% senior debt," the press release says. Nord Stream plans to raise a total of about 2.5 billion euro in financing for Phase II.