Nord Stream administration calls on banks to renegotiate credit terms

Nord Stream AG, the operator of the pipeline project "Nord Stream", has urged investors in the first phase of the project to adjust the cost of financing of the first phase of the project to the amount of EUR 3.9 billion, RIA Novosti reports.

The Nord Stream administration has asked the banks to provide a more favorable financing for the whole project. The purpose of the request is to bring the rates for financing the first phase of the construction into accordance with rates of financing the second phase of the project, amounting to EUR 2.5 billion.

The first phase of the Nord Stream pipeline construction in Russia and Germany was completed on schedule in late summer.