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2020-11-30 11:50:00

NORD STREAM 2 RESUMPTION

NORD STREAM 2 RESUMPTION

BLOOMBERG - 29 Nov, 2020 - Construction work on the Nord Stream 2 gas pipeline in the Baltic Sea will resume this week, despite U.S. sanctions designed to end the pipeline that will bring Russian gas to Germany.

Pipelaying on the 9.5 billion-euro ($11.2 billion) link will restart Dec. 5 after being halted for a year because of the sanctions, Nord Stream 2 company spokesman Jens Mueller said by email. Work on the 1,230-kilometer (764-mile) pipeline stopped last December when the Trump administration added measures against companies working on the link.

German companies and Chancellor Angela Merkel are bridling against America's interference, and the Western companies set to reap rewards once gas starts flowing have vowed to move ahead. U.S. President Donald Trump has opposed the project, which he says will increase European dependence on Russian energy supplies.

So far, none of Nord Stream 2's financial backers have pulled out despite escalating anger from the U.S. OMV along with Royal Dutch Shell Plc, Uniper SE, Engie SA and Wintershall AG helped finance the project.

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Earlier:

NORD STREAM 2 RESUMPTION
2020, November, 27, 11:45:00
NORD STREAM 2 SANCTIONS
The DNV GL spokesman said: "Under these new guidelines, we find DNV GL's verification activities linked to vessels with equipment serving the Nord Stream 2 project to be sanctionable."
NORD STREAM 2 RESUMPTION
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Wintershall Dea is one of five European energy companies -- along with France's Engie, Austria 's OMV, Anglo-Dutch Shell and Germany's Uniper -- that have co-financed the project, each committing to invest Eur950 million.
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Gazprom and Germany say Nord Stream 2 is purely a commercial project. Gas demand in Germany is growing as it cuts dependence on nuclear and coal power.
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UOKiK on Oct. 7 imposed a fine of more than Zloty 29 billion ($7.62 billion, Eur6.48 billion) on Russian gas giant Gazprom for building Nord Stream 2 without its approval, as well as a fine totaling Zloty 234 million on five European companies that helped finance the project.
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Tags: NORD STREAM 2, RUSSIA, EUROPE, GAS, GAZPROM
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