Russian news agency Prime published
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
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.
European Gas Analysis
March 6, 2017
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