On 15 October 2004, Baltic LNG AG was registered in Baar, Switzerland (later in Zürich) as a joint venture of Gazprom and Sovkomflot.
On 14 March 2006, Gazprom and Petro-Canada signed an agreement to proceed with initial engineering design of the Baltic LNG plant.
[1] In 2006, Gazprom started to look for other markets and partners inviting 17 energy companies from Europe, Asia and North America for negotiations.
On 21 September 2007, Gazprom decided to continue work on the feasibility study, leaving it unclear when it would make a final decision whether to build the plant.
The LNG plant was to be supplied from the Russian unified natural gas grid, including from the onshore section of Nord Stream pipeline, and from the Shtokman field.
According to Igor Meshcherin, head of Gazprom's project evaluation directorate, environmental risks are the congested Gulf of Finland and Danish straits, and ice conditions.
Another risk was that there is not capacity in the unified natural gas system in the Leningrad Oblast, and the project might require expansion of the pipeline grid.