The board of directors of Russia’s state-run energy company Gazprom has approved the purchase of additional shares in the Nord Stream 2 gas pipeline project, which values the entire project at $1.5 billion, according to Sputnik News.

The board of directors of Russia’s Gazprom energy company has approved the purchase of additional shares in the Nord Stream 2 gas pipeline project valued at $1.5 billion, due to the increase in company’s authorized capital, the company said Monday.

“To determine, based on the market value, the price of 71,250 additional registered shares of Nord Stream AG 2 to be acquired by PJSC Gazprom should total 1.425 billion euros [$1.5 billion],” Gazprom’s materials published Monday indicate.

Gazprom will acquire 71,250 of additional registered shares of the Nord Stream 2 AG, priced at 1,000 Swiss francs ($996.61) each with the total nominal value of 71.25 million Swiss francs. Gazprom’s share in Nord Stream 2 AG will stand at 100 percent.

Nord Stream 2 AG is a project company established for the planning, construction and subsequent operation of the Nord Stream 2 pipeline. The company’s headquarters is located in Zug, Switzerland.

The Nord Stream 2 project aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union across the Baltic Sea to Germany, bypassing Ukraine. The launch of the pipeline is planned for 2018.