January 30, 2018 / 4:30 PM / in a year

INTERVIEW-Nord Stream 2 to tap banks for finance by Q1 2019 -CFO

VIENNA, Jan 30 (Reuters) - Gazprom’s 9.5 billion euro ($11.8 billion) Nord Stream 2 pipeline project will tap banks for financing in the fourth quarter of 2018 or early next year, its Chief Financial Officer Paul Corcoran told Reuters on Tuesday.

Nord Stream 2’s financing structure requires its Western partners Uniper, Wintershall, Shell , OMV and Engie to step in as long-term investors if banks do not cover its costs.

Asked about what impact U.S. sanctions aimed at the pipeline from Russia to the European Union were having, Corcoran said all of Nord Stream 2’s suppliers and export credit agencies were still committed to the project, which is on track. ($1 = 0.8055 euros) (Reporting by Shadia Nasralla; editing by Alexander Smith)

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