Nord Stream gas pipeline to be started in April 2010

Construction of the Nord Stream gas pipeline will be started in April 2010, Financial Director of the Russian-German company operator of the Nord Stream project Paul Corcoran said at the sixth international forum Gas of Russia 2008 on Tuesday.

According to Corcoran, the project's coordination procedure with Sweden is currently coming to an end and consultations will be held next month with Germany, Denmark, Finland and Russia. He noted that consultations with Estonia, Latvia, Lithuania and Poland will be also held in the short run, as the gas pipeline project will indirectly affect these countries.

Touching upon the financial component of the project Corcoran noted that 30 percent of the financing is contained in the shareholder capital, another 70 percent - funds attracted from the outside. The first credit tranche is expected to come before July 1, 2009 and the second phase's tranche - 12 months later, according to the Nord Stream official.

It is planned to put into operation the first leg of the gas pipeline in the fourth quarter of 2011, the second - in 2012.