No need for EU finance for Nord Stream II: Gazprom

The Nord Stream II will not require financial support from the European Union because it will be met by Gazprom and its partners, the CEO of Gazprom Export, Elena Burmistrova, said Wednesday, according to Ria Novosti.

Speaking at the 9th European gas Conference in Austrian capital Vienna, Burmistrova said "it has been a mixed year for European gas sector. The fall in gas prices created pressure in the industry, but this made gas more competitive," she said.

Burmistrova asserted that Europe's gas imports would increase and the Nord Stream II would reliably transfer gas to Europe.

"Europe will need more gas in the future. The Nord Stream II won't cost them a cent. It is not seeking any funding from the European union. We are preparing all the financing ourselves with our partners," she noted.

According to the Institute of European and International Affairs, the EU was the world’s biggest energy importer in 2011, importing 54 percent of its energy needs.

In 2013, Russia was the main supplier of natural gas and crude oil to the EU, accounting for 33 percent of oil imports and 39 percent of gas imports.

Most is carried out through pipelines crossing transit countries. The Nord Stream I, which launched in 2011, carries around 55 billion cubic meters of Russian gas to Germany through 1,224 kilometers (760 miles) of pipeline. The Nord Stream II project plants to have similar capacity.

/By AzerTac/