Putin: Nord Stream 2 could help bring down European energy prices Oil and Gas News

The $ 11 billion Nord Stream 2 pipeline is awaiting approval from Germany and the European Union.

Russian President Vladimir Putin said on Wednesday that a new pipeline to Germany was filled with natural gas and that it could help reduce energy prices in Europe quickly.

The $ 11 billion Nord Stream 2 pipeline is awaiting approval from Germany and the European Union, and officials have warned that no decision will be reached in the first half of 2022.

The first of its two connections was filled with gas in October, and the Russian state-controlled gas company Gazprom announced on Wednesday that it had filled the second so that it would be fully ready.

Putin noted rising energy prices in Europe, adding that Nord Stream 2 could help stabilize the market quickly.

“This new additional path will certainly help to stabilize prices in European markets,” Putin said at a meeting with energy officials. “It would certainly affect market prices, and it will be felt immediately by consumers in countries that use Russian gas.”

A new 1,234-kilometer (765-mile) pipeline with an annual capacity of 55 billion cubic meters (1.9 trillion cubic feet) would double the volume of gas that Gazprom pumps directly to Germany, adding to a similar Baltic pipeline. Avoid the sea and the links between Poland and Ukraine.

Critics of the US, Ukraine and Poland’s Nord Stream 2 have warned that Russia will increase its strength in Europe, that EU member states will oppose each other and deprive Ukraine of its transport revenue. Washington has stressed that Nord Stream 2 is aimed at countering new Russian military movements against Ukraine.

Moscow has denied allegations that the West was planning to attack Ukraine. He emphasized that Nord Stream 2 was a purely commercial project that would help ensure a more reliable long-term supply and save billions in transport costs paid to Poland and Ukraine.