What risks does Germany face if Nord Stream 2 is not certified?

What is Nord Stream 2

The Nord Stream 2 gas pipeline running along the bottom of the Baltic Sea crosses the territories of Russia, Finland, Sweden, Denmark and Germany. The design capacity of the two lines of Nord Stream 2 will be 55 billion cubic meters. m of gas per year. The entry point of the gas pipeline into the sea is the Ust-Luga region in the Leningrad Region, the exit point is the Greifswald region in Germany. Initially, financing of Nord Stream 2 was supposed to be carried out through the sale to Gazprom’s European partners Wintershall Dea, Uniper, OMV, Engie and Shell – 10% each in the Nord Stream 2 AG consortium. But due to the negative reaction of the Polish antimonopoly authority, which stated that the creation of such a consortium could lead to a restriction of competition in the European gas market, this scheme was abandoned. As a result, 100% of the operator’s shares remained in the ownership of Gazprom, but all of them were pledged to Gazprom’s European partners. In 2017, the project was estimated at $9.5 billion. Each of the five companies had to invest 950 million euros, the rest – Gazprom. In 2020, the project financing was completed, but the final investments of European companies turned out to be less: Wintershall Dea invested 730 million euros, Uniper – 700 million, OMV – 729 million, ENGIE and Shell did not disclose data.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent News

Editor's Pick