Russian min sees Nord Stream-2 built on time despite US sanctions

IZMIR, Turkey, Aug 18 (PRIME) -- Russia-led Nord Stream-2 gas pipeline will be built on time despite the U.S. sanctions, Russian Energy Minister Alexander Novak said on Friday.

“On the Nord Stream-2 much will depend on uncertainty that is currently in the law and requires clarification. Taking into account that European countries are interested in gas supplies from Russia, including via the Nord Stream-2, considering increased volumes of European consumption and falling volume of their production, we are sure that the project will be implemented within the target time frame. At least as of today its implementation continues,” Novak said.

Earlier in August, U.S. President Donald Trump signed a bill introducing additional sanctions against Russia among several other states. The bill prohibits companies to invest more than U.S. $1 million in a single payment or more than $5 million during the course of a year in construction of Russian export pipelines, as well as provision of goods, services, technologies and information support for the construction.

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 will implement the project together with Germany’s E.ON and BASF, Royal Dutch Shell, Austria’s OMV, and France’s Engie.

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