Nord Stream 2 – Enhancing European Energy Security
Paul Corcoran, CFO, Nord Stream 2
At The Great Gas Reconfiguration: Pipe-dream or Reality?
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Speaker’s Biography
As Nord Stream 2 AG’s Chief Financial Officer, Paul Corcoran manages the company’s financial data and planning. He took on the role in January 2016 after serving as Finance Director for the existing Nord Stream AG project from its inception in 2006. After beginning his career in civil engineering, Mr Corcoran changed to finance and worked for 5 years with STC Telecommunications. In 1998, he went on to begin a series of roles within the BASF Group, including that of Finance Director for both BASF Antwerpen NV and Wintershall AG, the company’s German oil and gas subsidiary. He holds a degree in civil engineering from Liverpool University and is a fellow of the Chartered Institute of Management Accountants. He speaks English (native), Dutch and German.
Need to know
Nord Stream 2 is a planned pipeline through the Baltic Sea, which will transport natural gas over 1,200 km from the world’s largest gas reserves in Russia via the most efficient route to consumers in Europe. Nord Stream 2 will largely follow the route and design of the successful Nord Stream pipeline. With Europe’s domestic gas production projected to halve in the next 20 years, Nord Stream 2’s twin pipeline system will help Europe to meet its future gas import needs, with the capacity to transport 55 billion cubic metres of gas per year, enough to supply 26 million European households. This secure supply of natural gas with its low CO2 emissions will also contribute to Europe’s objective to have a more climate-friendly energy mix with gas substituting for coal in power generation and providing back-up for intermittent renewable sources of energy such as wind and solar power.