Min: Russia can complete N Stream-2 construction without Allseas

MOSCOW, Dec 26 (PRIME) -- Russia can complete construction of the Nord Stream-2 gas pipeline with its own funds if Swiss company Allseas fails to do it, Energy Minister Alexander Novak told reporters on Thursday.

“If Allseas fails to complete the project within the framework of the U.S. Treasury’s explanation, we have the possibility of completing it using our own funds,” Novak said.

“For this, it will be necessary to carry out several additional organizational operations. I think that within a few months this work will be done,” he said.

Novak confirmed that the pipeline will be launched in 2020.

The minister told RBC daily earlier that Allseas is waiting for explanations from the U.S. treasury over sanctions against the project.

On December 21, Allseas suspended operations on the project due to the threat of U.S. sanctions and withdrew all its vessels engaged in laying the pipeline from the Baltic Sea after U.S. President Donald Trump had signed a defense budget envisaging spending on counteraction against Russia in various areas including sanctions against the Nord Stream-2.

The Nord Stream-2 project envisages construction of two lines of a natural gas pipeline with an annual capacity of up to 55 billion cubic meters, running from the Russian shore to Germany under the Baltic Sea. Russian gas giant Gazprom is implementing the project together with Germany’s E.ON and BASF, Royal Dutch Shell, Austria’s OMV, and France’s Engie.

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