Ladies and gentlemen,

I send you my warmest greetings from Berlin!

Today marks the start of one of the greatest energy infrastructure projects of our time. With it, the European Union and Russia want to forge another strong link.

Every year 55 billion cubic metres of natural gas are to flow from Russia to the European Union through Nord Stream.

Both sides stand to benefit:

1. For Europe, this is a major contribution to security of gas supplies.
2. And with reliable buyers in Europe, Russia gains high stability in demand for gas.

Our shared goal is an energy partnership based on equality geared to the long term. It is to offer businesses on both sides opportunities for cooperation and growth.

In fact, Nord Stream demonstrates the vast economic potential rooted in such a partnership.

Enormous entrepreneurial achievements have gone into the pipeline project itself – starting with planning, then logistics followed by manufacture and pipe-coating.

But the tale continues. Now we need maximum performance in laying the pipeline and finally in launching the entire system. - 2 -

All the staff of the companies who are helping make this ambitious project a success deserve our sincere thanks and appreciation.

I join with you in my hope that we will be able to celebrate the launch of the pipeline in the not too distant future.

It has surely not been plain sailing all the way. After all, there are of course many different user interests in the Baltic Sea.

But through cooperation between the licensing authorities and Nord Stream, I believe solu-tions have been found that are acceptable to all sides.

Finally I would like to thank all those who have lent political support to this project.

Yet regardless of all the political support, Nord Stream remains a business venture.

It is an outstanding example of how energy companies are well able to implement also com-plex projects and ensure the infrastructure matches the market.

For this reason I would be delighted if Nord Stream was able to encourage other energy com-panies to plan, build and finance new infrastructure.

But I certainly wish us every possible success with the Nord Stream project.