French firm GDF Suez is to buy a share in Russia’s Nord Stream gas pipeline, with talks on the sale of four state-of-the-art French warships to Russia also gathering pace.
Progress on the two deals was announced on Monday (1 March) during a three-day visit by Russian President Dmitry Medvedev to Paris.
The agreement between GDF Suez and Gazprom, the majority shareholder in Nord Stream, is to see the French firm take a nine percent stake in the pipeline and Russia to increase gas deliveries to France by 1.5 billion cubic metres a year from 2015.
“By entering into Nord Stream and increasing its gas purchase from Russia, GDF Suez aims at contributing to the security of supply of Europe,” the French company’s CEO, Gerard Mestrallet, said in a statement.
The energy pact was signed in the presence of the French and Russian leaders at a press event in the Elysee Palace.
French President Nicolas Sarkozy at the same time confirmed that France is in “exclusive talks” to sell four Mistral-class amphibious assault ships to Russia.
Two of the vessels are to be built in France and two in Russia and will be sold without their weapons systems.
Andrew Rettman