Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Just 15 km of Nord Stream 2 pipeline to go, says Putin

Published 08/20/2021, 12:37 PM
Updated 08/20/2021, 12:42 PM
© Reuters. FILE PHOTO: Workers are seen at the construction site of the Nord Stream 2 gas pipeline, near the city of Kingisepp, Leningrad region, Russia, June 5, 2019. REUTERS / Anton Vaganov

MOSCOW (Reuters) - There are only 15 km (9 miles) left to finish the Nord Stream 2 gas pipeline from Russia to Germany that bypasses Ukraine, Russian President Vladimir Putin said on Friday.

The $11 billion project doubling the capacity of the first Nord Stream pipeline to 110 billion cubic metres a year has been a focal point of tensions between Moscow and the West.

Despite U.S. sanctions, Nord Stream 2 is almost complete and the key question is how Russia will ship its gas to Europe once a current transit deal between Kyiv and Moscow expires in 2024.

After meeting German Chancellor Angela Merkel in the Kremlin on Friday, Putin said Russia planned to fully comply with its obligations on gas transit via Ukraine.

He said Moscow was ready to send gas via its neighbour even after 2024 but Russia needed to understand the scale of demand for its fossil fuel first.

"And for this, we need to get an answer from our European partners on how much they are ready to buy," Putin told a news conference. "We cannot sign a transit contract if we don't have supply contracts with our consumers in Europe."

The European gas market is eagerly awaiting Russian flows via Nord Stream 2 as European gas prices have reached record highs due to low liquefied natural gas supplies.

Putin said future gas supplies were a matter for talks given Europe's green energy drive.

Ukraine has opposed the construction of Nord Stream 2, saying it was politically motivated.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Before the Putin-Merkel talks on Friday, Ukraine's state energy firm Naftogaz said the project breached European Union regulations, could not work commercially and should be stopped.

Latest comments

Europe goes for renewables, so won't really matter much.
Maybe they can send some wind or sunlight through the pipeline 🌬️
Renewables makes 10% at most. So..
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.