A consortium behind the planned Nord Stream gas pipeline from Russia to Europe has managed to secure a 3.9-billion-euro funding deal.

The deal which involves the capital input of twenty six banks will allow the pipeline builders to enter into the first phase of a project that will run from the Baltic Sea and cost a total of 7.4 billion euros.

The pipeline will solidify the long-standing energy relationship between Russia and Europe to provide reliable supplies of Russian energy to Europe.

The shareholders are Gazprom, Germany's BASF/Wintershall Holding, E.ON Ruhrgas and Dutch company N.V. Nederlandse Gasunie.

The fist phase will begin in April, with first deliveries to Europe expected next year.