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Old 05-03-2021, 11:14
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KostiaFM KostiaFM is offline
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Default Re: Daily Economic news by ForexMart

04.03. Construction of Nord Stream 2 postponed until September

The construction of the Russian gas pipeline Nord Stream 2 was again postponed, this time for six months. Now, work on laying two lines of the gas pipeline in the exclusive economic zone of Denmark is going to be completed in September 2021, although the deadline was previously planned for the end of April.

Initially, the project was supposed to be completed at the end of 2019, however, the construction of the pipeline was prevented by sanctions from the United States, due to which European companies began to leave the project. Washington is hindering the construction of the facility, as American liquefied natural gas competes with Russian pipeline fuel for the European market.

As of early March, the pipeline is 98% ready, and its cost is estimated at $11 billion. Russia does not abandon plans to complete the construction of the facility, however, certification and insurance of the route still remain unresolved problems.

Also today it became known that the financial partner of the project, the German concern Uniper, announced that it would no longer finance the project. It is known that as of November, Uniper has allocated 700 million euros to finance the construction of the gas pipeline. Earlier, the completion of financing was also announced by the German oil and gas company Wintershall Dea.
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