Sanctions don’t prevent us from supporting Nord Stream 2 – ENGIE

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ENGIE as one of the European partners of the Nord Stream 2 pipeline, has already invested half of its financial obligations in the pipeline and is ready to provide the rest in the coming months as the construction company needs it, ENGIE Executive Vice President Pierre Chareyre told Sputnik on Wednesday.

Gazprom Chairman of the Board Alexei Miller visits the ETERNO shop of the Chelyabinsk Pipe-Rolling PlantWe have already provided a little less than 500 million in Euros. It’s about half of our commitment, so there is more for it to come. There is a schedule of drawdown as the project company needs it to finance its investments. So it [the second half] will come in the next months,” Chareyre said on the sidelines of the Gastech conference in Barcelona.

The Nord Stream 2 pipeline will be completed as initially planned despite potential sanctions by the United States, as the current regulation does not prohibit support of European companies, Pierre Chareyre said.

“The guidance which has been given by the American Administration on the sanctions does not prevent us from supporting Nord Stream, if rules change we will assess our position. For the time being there is no change, as far as I know. Most of the orders have been passed, and I am convinced that whatever happens the pipe will be completed,” Chareyre said on the sidelines of the Gastech conference in Barcelona, asked about US President Donald Trump’s pledging on Tuesday not to punish EU companies for participating in the Nord Stream 2.

“Nord Stream is important for the security of supply in Europe, it’s our policy to increase various sources of gas coming into European markets from Russia but also from other places. That’s why we have decided to support Nord Stream 2 through our financing commitment. Nord Stream 2 is moving ahead. And nearly all permits was obtained except one. It’s on time and on schedule. It will be ready as initially planned,” he added.

Nord Stream-2, which is a joint venture of Russia’s Gazprom with France’s Engie, Austria’s OMV AG, UK-Dutch Royal Dutch Shell, and Germany’s Uniper and Wintershall, aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union across the Baltic Sea to Germany.

An extension of the existing Nord Stream pipeline, Nord Stream 2 will run across the territories of Russia, Finland, Sweden, Denmark and Germany.

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