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Gas

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Gazprom Chairman Alexei Miller announced the completion of the construction of the Nord Stream 2 natural gas pipeline. Switzerland-based project developer Nord Stream 2 AG, wholly owned by Gazprom, confirmed that the offshore part of the second line of the twin pipeline was “mechanically completed.” Now pre-commissioning activities will be carried out, with the intention to start operations before the end of the year, the developer said. The new route for Russian gas to Germany could alleviate Europe’s current tight supplies stemming from low Norwegian and Russian sendout, already minimal LNG intake and historic low gas storage inventories. But the gas market did not take it as a bearish signal, as European prices continued to test new record highs this week. Gazprom recently said the launch of Nord Stream 2, which has been delayed by US sanctions, would not affect its conservative export forecast for the full year 2021. This suggests the company might reduce flows via other routes, most likely via Ukraine, when Nord Stream 2 is up and running, The 1,200 kilometer (745 mile) twin pipeline has a capacity of 55 Bcm/yr and directly connects Russia and Germany through an offshore link under the Baltic Sea.

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Thu, Oct 21, 2021
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