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GDF Suez and Gazprom extend cooperation GDF Suez and Russia's Gazprom have intensified their ties with the signing of agreements on energy efficiency and the Nord Stream project. At a meeting in St. Petersburg the two companies' management formalised plans for GDF Suez to join the Nord Stream project, a new gas pipeline from Russia to Europe. A Memorandum of Understanding on cooperation in the energy saving and energy efficiency areas was also signed. As a result of the Nord Stream agreement, GDF Suez will receive a nine per cent stake in the capital of Nord Stream AG, making it the fifth shareholder in the pipeline's operator company. The pipeline will cross the Baltic Sea to the German coast and is scheduled to start operating in 2011. Nord Stream will contribute to security supply and the diversity of the GDF Suez supply portfolio, says the French firm. Current shareholders in Nord Stream are Gazprom, Wintershall Holding, E.On Ruhrgas and Gasunie. The MOU on energy saving furthers previously reached agreements between Gazprom and GDF Suez to set up a joint venture, Ecoservices. The MOU calls for the two companies to study the feasibility of carrying out energy efficiency projects in Moscow, St. Petersburg and Obninsk, and of providing energy services to the foreign companies operating in Russia. Source: Utility Week © Faversham House Group Ltd 2010. News articles may be copied or forwarded
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