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Expert: North Creek-2 project will be completed in “months”

by YCPress

According to the Russian Satellite News Agency on December 12, Dmitry Marinchenko, senior director of the Natural Resources and Raw Materials Commodity Group of Fitch, an international rating agency, said that it now seems that the completion of the “North Stream-2” natural gas pipeline project is only a few months.

But the construction may not end at the end of the year.

The “North Stream-2” project includes the construction of two gas feeder pipelines from the Russian coast to Germany through the Baltic Sea, with a total gas transmission capacity of 55 billion cubic meters per year.

Russian Gas is the sole shareholder of Nord Stream2, the project operator.” The total cost of the North Stream-2 project is 9.5 billion euros, with 50% of the funding of Russian gas, with 950 million euros each from ENGIE Group of France, OMV Group, Royal Dutch Shell, Uniper of Germany and Wintershall of Germany.

Financing (i.e. 10% of the project cost).

The United States, Ukraine and some European countries oppose the North Current-2 gas pipeline project.

The United States, which actively promotes its own liquefied natural gas in the European market, imposed sanctions on the project in December 2019, requiring enterprises involved in pipeline laying to immediately stop construction.

Allseas, Switzerland, immediately announced the suspension of work. The Russian Federation has repeatedly indicated that the project is commercial and beneficial to Europe.