Nord Stream 2 could still find itself in “ruin of investment”


Nord Stream 2, the controversial pipeline, could still fail, according to European Greens co-leader Reinhard Butikofer.

In a maintenance with german dpa, the co-chair of the green party in the european parliament said that there are still obstacles that Nord Stream 2 needs to remove before it goes into operation, and even after lifting them, the european commission could still stop the project and make it an “investment ruin”.

Nord Stream 2 is expected to double the capacity of an existing gas pipeline under the Baltic Sea to Germany, to 110 billion cubic meters per year. It has exacerbated bilateral problems between Russia and the EU because its route bypasses Ukraine, which depends on Russian gas transit charges for much of its budget revenue.

At the same time, there are fears that more Russian gas entering Europe will make it more vulnerable to Russian political pressure.

Regardless, much of Europe is currently in an urgent need for natural gas amid lower than normal inventories and sharply rising demand that has led to a surge in gas prices. .

“The cry of triumph with which the Russian side is celebrating the completion of the Nord Stream 2 gas pipeline is premature,” Butikofer told dpa. He then listed three remaining challenges for Gazprom.

First, it must decouple its gas production operations from its gas infrastructure operations. The unbundling rule aims to prevent gas monopolies. Second, Gazprom must give third parties the right to introduce gas into the pipeline, which it has not yet done. Third and last, the Nord Stream 2 gas pipeline must receive the green light from the German authorities, which is also pending.

However, even if the German authorities grant Gazprom and its Nord Stream partners a permit for the pipeline, the European Commission can cancel it if it finds that the project violates European energy law, explained the EP official. .

By Irina Slav for Oil Octobers

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