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In May 2010, the cost of
1 km of the Gryazovets-Vyborg Pipeline (GVP) is already 50% higher
than that of the OPAL project, and the Russian pipeline is not
finished yet. In 2012, when the Russian land section of the Nord
Stream pipeline is completed, its cost is likely to reach EUR 5.8
million per 1 km, compared with EUR 2.1 million of the German OPAL.
Table
1. Gryazovets-Vyborg Pipeline Annual Investment and Cost per 1 km of
Single Line
|
Year |
RUR bn |
EUR bn (1) |
EUR mill / km |
Source / comment |
|
2006 |
19.8 |
0.6 |
- |
Gazprom press-release |
|
2007 |
26.8 |
0.8 |
- |
Bond Prospectus,
March 6, 2007 |
|
2008 |
21.9 |
0.6 |
- |
Bond Prospectus,
March 26, 2008 |
|
2009 |
39.3 |
0.9 |
- |
RBK-Daily
(2) |
|
Sub-total investment in 2005-2009: |
107.7 |
2.8 |
3.1 |
Single line (3) |
|
2010 |
35.0 |
0.9 |
- |
Estimated |
|
2011 |
35.0 |
0.9 |
- |
Estimated |
|
2012 |
25.0 |
0.6 |
- |
Estimated |
|
Total investment in 2005-2012: |
202.7 |
5.3 |
5.8 |
Single line, excluding CS Portovaya (3) |
|
Cost of OPAL project (470 km) |
- |
1.0 |
2.1 |
OPAL in Figures |
(1) At the average exchange rate of
the corresponding year and at RUR38.63 per EUR1.00 for 2010-2012.
(2) Initial annual investment was set
at RUR35.6 bn (Bond Prospectus, April 9, 2009).
(3) Cost per 1 km is calculated as the
total investment divided by 917 km.
Major part
of the
917-km long GVP is being constructed in the right-of-way of the
Gryazovets-Leningrad and Leningrad-Vyborg-State border gas
pipelines. The first line commissioning is scheduled for 2011 (see
page 3). Full compression of the first line will be reached by
Q4-2012. Pikalevskaya compressor station (CS)
will be
completed in May 2012 and
CS
Babaevskaya in Q3-2012. CS Portovaya, that
will be commissioned in Q4-2012, is excluded from Table 1 for
the sake of comparison with the OPAL project.
Note that in
November 2005, Gazprom reported the cost of construction of 144
km of GVP at RUR 19.84 billion (EUR 0.6 billion). It corresponds to
the cost of EUR 4.0 million per 1 km of pipeline, excluding
compression expenses.
GVP and OPAL have
similar design and capacity. However, it takes nearly three times less
money to build 1 km of 1420-mm pipeline in Germany than
in the vicinity of St.
Petersburg, Russia.
Mikhail
Korchemkin
May 4, 2010
Malvern, Pennsylvania,
USA
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