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Tuesday, 02 December, 2008, 21:20 GMT | more >>

Dresdner lands Baltic job



By Upstream staff 

Russian gas giant Gazprom is set to appoint the Dresdner Bank as a financial adviser in a project to build a $5.7-billion pipeline under the Baltic Sea to Germany.

Dresdner, part of German insurer Allianz, has worked closely with Gazprom over the last decade, including co-organising and co-leading loans and eurobond issues for several billion dollars in total.

Gazprom is looking to increase its gas exports to western Europe by at least 50% in the next decade and is developing new routes to cut its reliance on transit via Ukraine and Belarus.

The project would involve building a 3000-kilometre pipeline under the Baltic Sea to Germany by 2007. The link could also include Finland, Sweden and Britain and a possible capacity of 35 billion cubic metres a year.

Gazprom exports totalled 139 Bcm last year.

The Russian monopoly has said Anglo-Dutch supermajor Shell, France's Total Germany's Ruhrgas and Finland's Fortum could join the Baltic pipeline project.

The project's future became less certain last year after Gazprom said it was considering building its first liquefied natural gas plant on the Barents Sea for the giant Shtokman offshore field, previously considered the main source of gas for the pipeline.


Tuesday, 10 February, 2004, 14:35 GMT  | last updated: Thursday, 28 April, 2005, 16:13 GMT

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