United Kingdom to Join Nord Stream?

Russian Prime Minister Vladimir Putin has said that the United Kingdom may join the Nord Stream pipeline, following the initation of talks between the two countries.

Speaking to foreign journalists at a meeting prior to the Russian presidential elections, Mr. Putin said that the UK had become a major player in the gas market and could contribute positively to Nord Stream.

"We have started negotiations on Britain joining Nord Stream, for example, because Great Britain is gradually becoming a gas importer," he said in a transcript of the meeting provided by the Russian government.

The negotiations would be part of a drive to develop and strengthen trade ties with Britain, he said.

"The level of our economic relations (with Britain) is very low, just $16 billion. That is no good at all. Our trade with Germany is $72 billion and with Great Britain it is just $16 billion. What is that? It’s almost zero."

Russia has a major interest in the 1,224 kilometre Nord Stream pipeline, which connects Russia's gas reserves to the rest of Europe through the Baltic Sea. Russian gas major Gazprom holds the majority stake in the Nord Stream pipeline with a 51 per cent stake; Wintershall Holding and E.ON Ruhrgas each hold a 15.5 percent stake in the pipeline, while Gasunie and GDF Suez each hold a 9 per cent stake in the pipeline.

The first phase of the Nord Stream pipeline opened last year with the second line of the pipeline due to open in the fourth quarter of this year.