"Our financing concept aims at 70% financing with external funds from banks and similar agencies, financial institutions. Therefore, we will probably be closing the deal sometime in the middle of 2018," Corcoran said.
He added that the model was similar to the one employed at funding the Nord Stream project.
"That is similar to the first Nord Stream project, where more than 30 banks invested in the project, providing 6.5 billion euro. For Nord Stream 2, we are aiming at a similar level of external investment. We are aiming at a financing package from a pool of banks," the financial director concluded.
Nord Stream 2, a joint venture of Russia’s Gazprom with France's Engie, Austria’s OMV AG, Royal Dutch Shell, Germany's Uniper and Wintershall, will bring an estimated 55 billion cubic meters of Russian natural gas to Germany across the Baltic Sea, while bypassing Ukraine. The launch of the pipeline is planned for 2018.
