Nord Stream signs Letter of Intent with Saipem
Sept. 13, 2007 | Zug | Nord Stream has signed a letter of intent with Saipem to install the Nord Stream gas pipeline. During a tender period of nine months, Nord Stream evaluated the bids of three contractors offering offshore pipe laying for the construction of two parallel 48” gas pipelines in the Baltic Sea. Saipem can provide the required resources during the laying period between 2009 and 2012. A detailed contract is expected to be finalised by February 2008.
The Nord Stream natural gas pipeline will run from Vyborg, Russia, to Greifswald, Germany, and link the Russian gas transmission system to the European gas network. It is expected to meet about 25 per cent of Europe’s additional import gas demand in 2015. The full transportation capacity of both pipelines is 55 billion cubic metres per year and is foreseen to be reached in 2012.
Two further tenders for logistics and pipe supply shall also be awarded in the coming weeks.
For watching a film and further information about the pipe-laying process, please click here.
