Gazprom pipelines and export capacity

Газопроводы Газпрома и экспортные мощности

Gas pipelines of West Siberia

Газопроводы Западной Сибири

Export flows of Gazprom

Экспортные потоки

Spot, Gazprom, Brent

Цены на нефть и газ

End-use price of gas

Russia and USA

Daily gas production

Суточная добыча

The mystery of the Nord Stream 1.4 Billion euro finance cost

Nord Stream's project cost can not remain 7.4 Billion euro

A recent statement of Nord Stream AG says the reported project cost of 8.8 Billion euro is not true and the correct number is 7.4 Billion because the company considers interest and other finance costs "separate to actual project costs".

It is common to capitalise both interest during construction and finance costs to calculate the total cost of a project such as the Nord Stream gas pipeline system. The Nord Stream AG statement therefore begs the question: How does the company treat the project's finance costs apparently of some 1.4 Billion euro on its books? After all someone must pay these costs!

Morten Frisch

Senior Partner

Morten Frisch Consulting (MFC)


May 5, 2010

Mikhail Korchemkin

Managing Director

East European Gas Analysis



Last modified: 12/07/14                    East European Gas Analysis 2006-2014                                           Email:
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