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

Nord Stream AG revenue not related to the volume of gas delivered to Germany

Russian news agency Prime published a column on the EU interest in the full load of Nord Stream. The author claims that the revenue of Nord Stream AG depends on the transit volume.  This statement is incorrect.

According to the financial reports of Gazprom, quarterly expenses on purchased transit of gas from Nord Stream AG are not related to transit volume. Gazprom pays about 270 Million per quarter irrespectively of the volume of gas delivered to Greifswald, Germany.

Following the order of Vladimir Putin, in Q1-2015 Gazprom sharply reduced the Nord Stream gas flow. In Q2-2015, the flow increased by 78 percent, but the cost of  purchased transit services changed just marginally from 269 to 273 Million (calculated at the average exchange rate of the corresponding quarter).

Actually, it shows that Nord Stream is a way "more equal" than many other commercial projects. Western partners are guaranteed to be paid even if there is no gas delivered to Germany. Moreover, Gazprom has secured a termination fee of 12.094 Billion, so the partners could step out of the project any time with their expenses fully recovered. All risks are carried by the shareholders of Gazprom.

Mikhail Korchemkin

East European Gas Analysis

Malvern, PA, USA


March 6, 2017

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Last modified: 03/06/17                    East European Gas Analysis 2006-2017                                           Email:
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