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18Jun16

Germany supports Russia's initiative on Nord Stream-2 — Russian Energy Minister

Germany supports Russia's initiative on the implementation of the Nord Stream-2 project, Russian Energy Minister Alexander Novak told reporters.

"Germany supports the Russian initiative on Nord Stream (2)," the Minister said. He added that the project fully complies with the European legislation.

"The implementation of the infrastructure project fully complies with the requirements of the European legislation. In my opinion, everyone has already recognized this. Now all matters relating to containment of this project are more political ones," Novak said.

The minister added that such projects as Nord Stream contribute to better energy security in Europe.

Earlier it was reported that Germany's Economy and Energy Ministry pointed to the importance of Ukraine as the country for gas transit to Europe. A representative with the ministry told TASS that Ukraine should maintain this role also if the Nord Stream-2 pipeline is launched. The representative added that the construction of each new pipeline must comply with German and European law.

The Nord Stream-2 project includes the construction of two lines of the offshore gas pipeline with a total capacity of 55 bln cubic meters of gas a year from Russia to Germany under the Baltic Sea, in addition to the existing two lines. The project is to be implemented by the new engineering company New European Pipeline AG. The stakes of partners in Nord Stream 2 AG will be distributed as follows: Gazprom will hold 51%, while BASF/Wintershall, E.ON, OMV and Shell will own 10% each. Engie will have 9%.

[Source: Itar Tass, Moscow, 18Jun16]
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