Gazprom says Nord Stream 2 project on track

A new export gas pipeline running from Russia to Europe across the Baltic Sea is expected to be completed “on time”, according to the Russian gas giant Gazprom.

“The members of the (Gazprom) management committee expressed confidence that Nord Stream 2 would be completed on time and brought into operation before the end of 2019,” Gazprom said in a statement on its website.

The new pipeline, similar to the one in operation, will stretch from the Ust-Luga area of the Leningrad Region to its exit point in Germany in the Greifswald area. The pipeline is expected to have a capacity of  55 billion cubic meters per year.

However, the project which is backed by Germany and opposed by several EU members in Central and Eastern Europe such as Poland is facing a few challenges.

Earlier this year, the US introduced sanctions that call for penalties against European companies that participate in the Nord Stream 2 project.

Nord Stream 2 signed financing deals for the project with German energy groups Uniper and Wintershall, Austria’s OMV, the Hague-based Shell and France’s Engie.

These five European energy companies will provide long-term financing for 50 percent of the total cost of the project.

Gazprom said in its statement that preparations for the pipeline’s construction were in full swing, with contracts signed for all basic materials, equipment and services required for the project.

“National environmental impact assessment reports were submitted to the German, Danish, Finnish and Swedish authorities, with construction permit applications filed for the corresponding sections of the gas pipeline in the aforementioned countries,” the company said.

 

LNG World News Staff

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