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Nord Stream: Secure gas supply for Europe Russian Economic and Financial Forum in Switzerland Vugar Veysalov, Permitting Manager, Nord Stream AG – Zurich, 16 March 2009 Agenda 1 Key facts about Nord Stream 2 Current project status 3 Attractive business opportunities 4 Nord Stream’s financial concept 2 2 More gas for Europe 1. Key facts about Nord Stream Growing need for natural gas in Europe 629 bcm 543 bcm 58% 42% 2005 Imports EU domestic gas production 81% 19% 2025 81% of gas to be imported in 2025, compared to 58% in 2005 4 Source: European Commission, DG-TREN, 2007 Contribution to energy security • The new gas supply route for Europe consists of two parallel 1,220 km long offshore natural gas pipelines through the Baltic Sea • Enhances Europe’s security of supply by delivering 25% of additional gas imports • Transports gas directly to the countries and customers where it is most needed: Germany, the UK, the Netherlands, Belgium, France, the Czech Republic and other countries • Complements existing routes from Russia to Western Europe (the “northern route”) • Contributes to the reduction of greenhouse gases by transporting natural gas which has the lowest CO2 emission level of all fossil fuels • Directly connects Russia, with the largest available gas reserves in the world, to European gas networks 5 Project on track – Present situation Completed • Feasibility study • Operational company • General technical design • EIA programme • Notification of Baltic Sea countries • Logistical concept • Pipes production, pipeline laying and logistics contracted • Route optimisation, additional surveys Feasibility Study Conceptual Design Detailed Design Ongoing • International consultations • National permit applications • Detailed technical planning • Financial concept • Dialogue with authorities and public in the Baltic Sea region EIA & Approvals Laying Line 1 Commissioning Line 1 Laying Line 2 Commissioning Line 2 6 1997-1999 2005-2006 2006-2008 2006-2009 2010-2011 2011 2011-2012 2012 In dialogue with all Baltic Sea countries 2. Current project status Overview legal framework National Law Regional Law International Law 5 States EU Directives, Regulations, TEN-E Decision Between states UNCLOS, Espoo Convention, Helsinki Convention, (other) bilateral / multilateral treaties 8 5 national applications submitted – Permits to construct and operate the pipeline required • Nord Stream is subject to national legislation in each of the countries through which the pipeline passes: Russia, Finland, Sweden, Denmark and Germany • Submission of national application documents well underway - Germany: submission mid-December 2008 - Denmark: submission March 2009 (concurrently with Espoo Report) - Sweden: additional application documents submitted in October 2008; feedback received from 12 authorities after administrative referral to be answered - Finland: submission March 2009 (concurrently with Espoo Report) - Russia: submission end of 2008 9 International consultations – Nine states participating in largest Espoo process ever 10 Importance for Europe 3. Attractive business opportunities European Union confirms high importance • The "natural gas pipeline via the offshore route from Russia to the EU" is specifically nominated as a priority project under the Trans-European Network Energy Guidelines (‘TEN-E’) • In 2000, the North European Gas Pipeline was included into the ‘TEN-E’ Guidelines - as a ‘Project of Common Interest’ (i.e. third level); 2003 status confirmed • In 2006, Nord Stream was designated as a ‘Project of European Interest’, recognising its status as one of the most important projects to meet Europe’s energy infrastructure needs • This means that Nord Stream… - Is in line with the EU’s overall energy policy objectives: sustainability, competitiveness and security of supply - Is supported by EU member states 12 Source: Decision 1364/2006/CE of the European Parliament and the Council of the European Communities, September 6, 2006 Important contracts signed • Conclusion of major supply contracts important steps towards efficient and timely project implementation • Supply agreements concluded for the first pipeline: over one million tons of pipes ordered - EUROPIPE (Germany) 75% – order value 1.2 bn EUR - OMK (Russia) 25% – order value 0.4 billion EUR - Further tender will be issued for second pipeline • Contract for logistics (concrete coating, pipe storage, transport) signed with EUPEC (France) – order value 650 million EUR • Contract signed with SAIPEM (Italy) for pipe-laying – order value over 1 billion EUR 13 European dimension reflected in involved companies Nord Stream and Shareholder Gas Purchasers Nord Stream AG OAO Gazprom 3 N.V. Nederlandse Gasunie 4 BASF/Wintershall Holding AG 5 E.ON Ruhrgas AG 1 2 1 2 3 4 5 Gazprom Marketing and Trading Ltd, UK E.ON Ruhrgas AG DONG Energy A/S Gaz de France S. A. WINGAS GmbH & Co. KG Sweden Finland Norway 7 16 14 Contractors 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Marin Mätteknik AB – Seabed survey Port of Slite – Marshalling and stock yard Port of Karlskrona – Marshalling and stock yard Rambøll Oil & Gas – EIA and permit applications Saipem S.p.A. – Pipe laying EUPEC GmbH – Concrete coating Port of Hanko – Marshalling and stock yard Port of Kotka – Coating yard PeterGaz – Seabed survey ZAO OMK – Pipe production Mukran – Marshalling and coating yard EUROPIPE GmbH – Pipe production Snamprogetti S.p.A. – Engineering/design DoF ASA – Seabed survey PetrolValves S.R.L. – Supply of valves DNV – Quality control, certification ERM – EIA IfAÖ – Environmental studies 8 3 Netherlands 1 UK 18 11 5245 12 6 3 4 3 17 2 1 Denmark 2 9 10 Russia Germany 4 France 1 Switzerland 5 13 Italy 15 14 One of the biggest private investment in European infrastructure 4. Nord Stream‘s financial concept A reliable project in financial world • Project expenditure 7.4 billion Euro - 30% from Shareholders - 70% from Banks • The crisis in the financial markets further intensified and resulted in - Substantially reduced liquidity more difficult to get loans - Very restrictive lending banks very cautions - Lenders demand higher margins - Lower interest rates • However, Nord Stream still seen as attractive project for banks due to - Strong Shareholders - Low market risk (energy) - Infrastructure (long term / stable returns) - Solid contract structure 16 Nord Stream – being realised on target In comparison to Nord Stream, no other pipeline project such as, for example, South Stream, Nabucco or Galsi... …has the same capacity …will be able to deliver gas already in 2011 …has conducted such a comprehensive environmental survey …has major commercial commercial contracts in place Nord Stream – an essential contribution to Europes’ energy security 17 Contacts Nord Stream AG Grafenauweg 2 6304 Zug / Switzerland Phone: +41 (0) 41 766 91 91 [email protected] www.nord-stream.com Vugar Veysalov Permitting Manager 18 18