Italy's Saipem signs $1.56 billion Nord Stream pipe laying deal
London (Platts)--24Jun2008
Italian oil and gas engineering company Saipem has signed a Eur1 billion
($1.55 billion) contract with Nord Stream AG to lay the Nord Stream gas
pipeline, Saipem said Tuesday.
In September last year Saipem told Platts it had signed a letter of
intent on the project with the international consortium.
Nord Stream is the twin natural gas pipeline that is to link Vyborg,
Russia and Greifswald, Germany across the Baltic Sea. Each 1,220 km line is to
have a transport capacity of some 27.5 billion cu m/year. Overall capacity of
about 55 Bcm/year is to be achieved when both lines are operational, Saipem
said.
Saipem said laying activities would begin in early 2010 in order to
complete the first line in the first half of 2011. This is a prerequisite for
first gas deliveries through the Nord Stream pipeline in 2011. The laying of
the second line is scheduled in 2011 and 2012.
The present contract relates only to the sole pipelaying job, Saipem
said, whereas negotiations with the client are ongoing on shore approaches,
tie-ins, rock dumping, testing and commissioning activities.
Nord Stream AG is an international joint venture owned by Gazprom (51%),
BASF/Wintershall (20%), E.ON Ruhrgas (20%) and Nederlandse Gasunie (9%).
Saipem is 43%-owned by Italian oil and gas group Eni.
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