Austrian oil and gas group OMV AG said April 24 it would provide long-term financing to secure 30% of its share of project costs of the Nord Stream 2 pipeline from Russia.

Under the agreement between the western partners of Russian gas giant Gazprom OMV is obliged to fund 10% of the 9.5-billion euro pipeline.

"OMV will directly secure 30% of the pro-rata project costs through long-term financing," the group said in a statement.

"Should it not be possible to secure project financing for the remaining 70% of the pro-rata project costs, OMV is planning to make medium-term financing available."