Putin assures that the price of gas will fall after the opening of Nord Stream 2. Deliveries await approvals in Brussels

Wednesday, December 29, 2021, 8:35 p.m.

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Russian President Vladimir Putin said on Wednesday (December 29th) that Nord Stream 2 would serve to stabilize gas prices in Europe. According to him, the second line of the pipeline will soon be filled with gas.

The statement was made at a televised government meeting, which was also attended by Gazprom chief Alexei Miller, Reuters reports.

From the beginning of the year until now, gas prices in Europe have risen by more than 600%, after Russia limited deliveries at a time when European economies were emerging from the pandemic. The price of natural gas in Europe reached a new record last week, boosted by demand in the winter season, but also by geopolitical tensions between Europe’s main supplier, Russia, and its customers.

Putin has assured that Nord Stream 2 is ready for gas exports and said the pipeline will help lower gas prices in Europe.

“I want to congratulate Gazprom and our partners in the Nord Stream 2 project for completing the work and creating this additional route, which is ready for operation,” the Russian president said.

Construction of the pipeline, intended to transport gas from Russia to Germany under the Baltic Sea, bypassing Ukraine, was completed in September, but it remains inactive pending approval by regulators in Berlin and Brussels.

Russian Deputy Prime Minister Alexander Novak also said on Wednesday that Russia was ready to increase gas exports to Europe, facing a sharp rise in prices amid rising demand and a lack of supply, but on the basis of long-term contracts – an arrangement bypassed by companies in favor of short-term transaction agreements.

At the TTF gas hub in the Netherlands, the European reference price reached a record high of 162,775 euros per Megawatt-hour last week, above the previous record set on October 6. These prices are seven times higher than at the beginning of the year and have led some industries to reduce their production.

Source: Breaking News – Cele mai importante stiri – Ziare.com by ziare.com.

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