BP Steers Clear of Nord Stream Pipeline Extension to UK

Energy | July 2, 2012, Monday // 14:24|  views

Nord Stream will likely not be extended to reach Britain, regardless of earlier reports to the contrary. Map from nord-stream.com

British Petroleum has decided to steer clear of participation in the extension of the Russian-German Nord Stream natural gas pipeline all the way to Great Britain, the Russian press says.

On Friday, CEO Alexei Miller announced that Russian gas monopoly Gazprom has decided in principle to extend its Nord (Nord) Stream pipeline project to reach Great Britain.

He claimed British Petroleum had demonstrated interest in the project, adding, however, that there were no specific agreements.

BP has decided not to take part in Nord Stream because of disagreements in TNK-BP, a consortium between BP and a group of Russian businessmen, the Russian Kommersant daily reported Monday.

The paper cites a source as saying that TNK-BP had been considering joining Nord Stream for the past six months but that it has now decided against participation.

Nord Stream ferries Russian gas through the Baltic Sea to Germany. The first of the project's two lines was opened in November 2012, with an annual capacity of 27.5 bcm.

Gazprom owns 51% in Nord Stream, Germany's Wintershall and E.On each have 15.5%, and the Netherland's Gasunie and France's GDF Suez each own 9% of the shares.

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Tags: Gazprom, Alexei Miller, Russia, UK, Great Britain, Britain, Nord Stream, North Stream, BP, British Petroleum, Baltic Sea, Germany, natural gas, pipeline, gas transit pipeline, Wintershall, E.ON, Gasunie, GDF Suez, TNK-BP, Kommersant


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