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| Russia to pump 5.6 billion cubic meters of natural gas through Nord Stream 2 pipeline in 2021 – Gazprom | Russia to pump 5.6 billion cubic meters of natural gas through Nord Stream 2 pipeline in 2021 – Gazprom |
| (2 months later) | |
| Gas supplies via the Nord Stream 2 gas pipeline may total 5.6 billion cubic meters this year, Russia’s state-run energy giant Gazprom said in a statement on Thursday. | Gas supplies via the Nord Stream 2 gas pipeline may total 5.6 billion cubic meters this year, Russia’s state-run energy giant Gazprom said in a statement on Thursday. |
| The project was 99% complete as of July, with the pipe-laying barge Fortuna working at the final section. Gas flows via Nord Stream 2 are expected to begin as early as October, and the volumes may well exceed expectations, according to experts. | The project was 99% complete as of July, with the pipe-laying barge Fortuna working at the final section. Gas flows via Nord Stream 2 are expected to begin as early as October, and the volumes may well exceed expectations, according to experts. |
| “If we assume that in December the pipeline will start loading at 70% of its design capacity, and its filling with gas will occur gradually, Gazprom probably proceeds from the assumption that full-fledged supplies can begin around October,” Fitch rating agency’s senior director on natural resources and commodities Dmitry Marinchenko said Thursday, as cited by TASS. | “If we assume that in December the pipeline will start loading at 70% of its design capacity, and its filling with gas will occur gradually, Gazprom probably proceeds from the assumption that full-fledged supplies can begin around October,” Fitch rating agency’s senior director on natural resources and commodities Dmitry Marinchenko said Thursday, as cited by TASS. |
| Deputy head of the Energy Security Fund Aleksey Grivach noted that if supplies via Nord Stream 2 begin in October, the volume of gas deliveries may exceed current expectations. | Deputy head of the Energy Security Fund Aleksey Grivach noted that if supplies via Nord Stream 2 begin in October, the volume of gas deliveries may exceed current expectations. |
| “It cannot be ruled out that Europe will need to launch both [Nord Stream 2] strings by the end of the year,” he added. | “It cannot be ruled out that Europe will need to launch both [Nord Stream 2] strings by the end of the year,” he added. |
| The Nord Stream 2 project consists of two pipelines, capable of delivering a total of 55 billion cubic meters of gas per year from Russia to Germany through the Baltic Sea. The first string of the pipeline was completed in June this year. | The Nord Stream 2 project consists of two pipelines, capable of delivering a total of 55 billion cubic meters of gas per year from Russia to Germany through the Baltic Sea. The first string of the pipeline was completed in June this year. |
| Following Gazprom’s announcement, gas prices in Europe dropped 9.4% early on Thursday to around $480 per 1,000 cubic meters, TASS reported citing Intercontinental Exchange (ICE) data. However, prices gained by afternoon trading to around $490 per 1,000 cubic meters. | Following Gazprom’s announcement, gas prices in Europe dropped 9.4% early on Thursday to around $480 per 1,000 cubic meters, TASS reported citing Intercontinental Exchange (ICE) data. However, prices gained by afternoon trading to around $490 per 1,000 cubic meters. |
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