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27.09.202107:23 Forex Analysis & Reviews: Main candidate for post of Germany's chancellor makes positive comments on Nord Stream 2

Exchange Rates 27.09.2021 analysis

Conservative chancellor candidate Armin Laschet made unexpectedly positive comments on Nord Stream 2.

During the last election debate, the main candidate for the post of Germany's chancellor touched on the topic of the Nord Stream 2 gas pipeline that stretches from Russia to Germany through the Baltic Sea. The construction of this pipeline has already been completed. Yet, it will be launched only after it receives the approval of the members of the European Parliament.

Notably, Nord Stream 2 is an extremely important project for Germany as the country is highly dependent on gas. This pipeline will allow the country to receive an additional 55 billion cubic meters of gas every year by the shortest and most innovative route, which is not comparable to the gas transportation system of Ukraine. Apart from that, the pipeline will ensure gas supplies to Germany and other EU countries. Experts have repeatedly said that the launching of Nord Stream 2 will benefit significantly many EU states after a couple of years. They also assume that gas production will stop at the largest gas field in the Netherlands. In the UK, Denmark, and Germany natural gas production will also decrease.

Thus, when asked about the benefits of launching a new gas pipeline, Armin Laschet noted that the Nord Stream-2 should definitely be put into operation. He believes that gas will be extremely important for Germany in the very next few years. So, the government should take this fact into account. As for Ukraine, the politician said that the country would not incur significant losses. Laschet promised that if Russia will weaponize the project to exert pressure on Ukraine, the opening of the project will still have to be stopped immediately.

According to Gazprom, Nord Stream 2 was completed on September 10. The construction of the gas pipeline lasted a year and a half longer than planned due to US sanctions. Apparently, it is not beneficial for the US to allow Russia to launch the pipeline. The US also sells the liquefied natural gas to the European Union.

Ukraine has nothing to worry about as the country may take advantage of Nod Stream 2. The German government pledged to help extend the contract for the transit of Russian gas for ten years starting from 2024. Germany also promised the Ukrainian authorities to support the introduction of sanctions against Russia if Moscow will promote its geopolitical interests by opening the pipeline.

The Kremlin has repeatedly stated that Nord Stream-2 has nothing to do with politics and pursues exclusively commercial goals.

Meanwhile, gas supplies via the new pipeline may well start as early as October. Gazprom CEO Alexei Miller said that the gas transition through the Nord Stream 2 pipeline may begin before the end of this year.

Andreeva Natalya,
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