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31 Mar, 2008 07:20

Gazprom reveals Nord Stream pipe blowout

The cost of the Nord Stream gas pipeline has risen to $US11.7 BLN, according to Gazprom, which has a controlling stake in the project. The original cost was $US6.3 BLN.

The increase comes from added expenses in building two lines of the 1,200-kilometre pipeline.

Construction of the onshore segment began in 2005 with an estimated total project cost of $US6.3 BLN. Gazprom revised the cost estimate 6 months ago to $US9.5 BLN.

Construction of the underwater segment, which will link Russia and Germany across the Baltic Sea, has yet to begin.

Nord Stream shareholders will provide 30% of project cots, with the remaining left to be borrowed.