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BASF joins Nord Stream pipeline expansion plan

Reuters - UK Focus

FRANKFURT, July 31 (Reuters) - German chemicals group BASF said on Friday it has signed a memorandum of understanding to join the group of companies intending to expand the Nord Stream pipeline to bring gas from Russia to Germany under the Baltic Sea.

The company said last month its oil and gas subsidiary Wintershall was in talks about a possible membership in the consortium, which already consists of Russia's Gazprom , oil major Shell (LSE: RDSB.L - news) and utilities E.ON and OMV (Amsterdam: OM6.AS - news) .

Gazprom and its partners are to build line 3 and 4 to transport up to 55 billion additional cubic meters of gas on the route, which already encompasses lines 1 and 2 of the same size, by the end of 2019.

Wintershall has a 15.5 percent stake in the first two lines that have been operational since October 2012.

"The EU's import requirements are expected to rise further, since the gap between the production and consumption of natural gas continues to grow," the statement said. (Reporting by Vera Eckert; Editing by Maria Sheahan)