Uniper Group, Germany’s utility giant and financial partner of gas pipeline Nord Stream 2, noted in its financial results report on Wednesday that the risks of delays or non-completion of the pipeline’s construction have decreased after the US and Germany came to an agreement late July, the company said.
The main risk for the completion of the pipeline was the current and the potential US sanctions, but the new deal envisages completion of the project without the threat of sanctions providing Germany will prevent Russia from using energy as a weapon and will use all possible leverage to prolong Russian gas transit through Ukraine.
According to head of Uniper, Klaus-Dieter Maubach, the possible operational launch of Nord stream-2 in the final quarter of 2021would reduce the pressure from high prices and low storage reserves the European gas market is under.
The Nord Stream 2 project consists of two pipelines with a total capacity of 55 bln cubic meters per year from the Russian coast to Germany through the Baltic Sea.
According to the report, Düsseldorf- based Uniper Group will continue to operate in line with the in line with US sanctions, while the Swiss-based operator of the project Nord Stream 2 AG is working on completion of the project and is expected to finish laying pipes by the end of the month.
Matthias Warnig, CEO of Nord Stream 2 AG, said in July that Nord Stream 2 will be completed this summer or more precise by the end of August and will possibly be operational before the end of this year while meeting all licensing requirements and international industry standards.