OREANDA-NEWS. March 06, 2012. Nord Stream AG won the inaugural "Pipeline Project of the Year" award at the 2012 European Gas Conference. The award, which was presented by The Energy Exchange in conjunction with Natural Gas Europe, recognises Nord Stream's achievement in starting to make its contribution to energy security in the European Union on time and within budget.

The judging panel lauded Nord Stream's compliance and permitting process, solid financial structure, environmentally sound logistics concept as well as the pipeline's technical design, and the company's overall approach to dialogue and transparency.

The award citation reads: "Since November 2011, Nord Stream has been contributing to the EU's energy security. It is a complex infrastructure project, involving 4 years of compliance spanning 5 countries. In spite of the challenge, Nord Stream completed its construction on time and within budget. The second pipeline will be operational by the end of 2012."

The European Gas Conference Awards, which were presented for the first time, recognize expertise and excellence in the European gas industry. Finance Director Paul Corcoran accepted the award on behalf of Nord Stream at a gala dinner in Vienna.