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Gazprom and Fortum review cooperation-related issues

October 23/ 09:05

Moscow. A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Pekka Lundmark, President and CEO of Fortum, took place in Moscow.

The parties discussed the state and prospects of cooperation between the two companies, paying particular attention to the Nord Stream 2 project.

Background

Fortum is a Finnish energy corporation.

Fortum holds a 49.99 per cent stake in Uniper SE. On October 8, 2019, Fortum announced that it had entered into agreements with the Elliott and Knight Vinke investment funds to acquire a 20.5 per cent stake in Uniper for approximately EUR 2.3 billion. As a result of the deal, Fortum's share in Uniper may increase to 70.5 per cent.

Nord Stream 2 is the construction project for a gas pipeline with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea. In 2017, Nord Stream 2 AG signed agreements with ENGIE, OMV, Royal Dutch Shell, Uniper, and Wintershall to provide financing for 50 per cent of the total cost of the project.

Fortum owns 29.5 per cent of TGC-1 (part of the Gazprom Energoholding Group).

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