would also be sold to Europe via the Nord Stream pipeline following the completion a pipeline connection across the Kola peninsula to Volkhov or Vyborg. However, the Shtokman project was postponed indefinitely. The proposed gas route from Russia's West Siberian petroleum basin to China is known as the Power of Siberia 2 pipeline. For Russia, the pipeline allows another economic partnership in the face of resistance to the Nord Stream 2 pipeline. Costs and financing According to Gazprom, the costs of the onshore pipelines in Russia and Germany were around €6 billion. The offshore section of the project cost €8.8 billion. 30% of the financing was raised through equity provided by shareholders in proportion to their stakes in the project, while 70% was obtained from external financing by banks. There were two tranches of fundraising. The first tranche, totaling €3.9 billion, included a €3.1 billion, 16-year facility covered by export credit agencies and an €800 million, 10-year uncovered commercial loan to be serviced by earnings from the transportation contracts. A further €1.6 billion is covered by French credit insurance company Euler Hermes, €1 billion by German loan guarantee program UFK, and €500 million by Italian export credit agency SACE SpA. Crédit Agricole is the documentation bank and bank facility agent. Société Générale is the intercreditor agent, Sace facility agent, security trustee, and model bank. Commerzbank is the Hermes facility agent, UniCredit is the UFK facility agent, Deutsche Bank is the account bank, and Sumitomo Mitsui Banking Corporation is the technical and environmental bank. The financial advisers were Société Générale, Royal Bank of Scotland (ABN Amro), Dresdner Kleinwort (Commerzbank), and Unicredit. The legal adviser to Nord Stream was White & Case, and legal adviser for the lenders was Clifford Chance. Contractors The environmental impact assessment of Nord Stream 1 was carried out by Rambøll and Environmental Resource Management. The route and seabed surveys were conducted by Marin Mätteknik, IfAÖ, PeterGaz, and DOF Subsea. Preliminary front-end engineering was done by Intec Engineering. The design engineering of the subsea pipeline was done by Snamprogetti (now part of Saipem) and the pipeline was constructed by Saipem. Saipem subcontracted Allseas to lay more than 25% of both pipelines. The seabed was prepared for the laying of the pipeline by a joint venture of Royal Boskalis Westminster and Tideway. The pipes were provided by EUROPIPE, OMK, and Sumitomo. Concrete weight coating and logistics services were provided