Gazprom sees no risks for Nord Stream 2

Gazprom sees no serious risks for implementation of the Nord Stream 2 gas pipeline project, deputy chair of Gazprom’s board Valery Golubev has told reporters today.

Answering a question on whether the pipeline will follow the path of the other “Streams”, the South Stream and the Turkish Stream, Golubev said he sees no serious risks. According to him, politics will always be present in the relations of suppliers and customers of the Russian gas in Europe, however, commercial and business relations will make their way too.

The Nord Stream 2 envisages construction of two pipelines with a total annual capacity of 55 bn c m of gas. They are to be built from the Russian coast via the Baltic Sea to Germany.

The New European Pipeline AG shareholders’ agreement was signed on September 4. The shareholders are: Gazprom (50%), E. On, Shell, OMV, BASF/Wintershall и Engie (with 10% each). The pipeline is to be built near the Nord Stream 1 pipeline.

Late November, the European Commission received a letter from nine countries in Central and Eastern Europe saying they intended to block construction of the Nord Stream 2 as it would be undermining energy security. The authors of the letter state that the project runs contrary to the EU energy policy aimed at diversification of energy sources, while countries that support it (major EU members) are putting their energy profits above the issue of energy security.

The South Stream pipeline meant to supply Russian gas to Europe bypassing Ukraine was blocked a year ago by the EU. The Turkish Stream aimed to replace it was suspended this November when the Russian-Turkish relations deteriorated after the Turkish Air Forces downed a Russian warplane.