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Nord Stream 2 go-ahead could come in mid-2022

by Mike Robinson

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© Reuters. FILE PHOTO : A large-diameter pipe with the logo of Nord Stream 2 is seen at Chelyabinsk Pipe Rolling Plant. It was rolled by ChelPipe Group, Chelyabinsk. February 26, 2020. REUTERS/Maxim Shemetov/File Photo

FRANKFURT, (Reuters) – The Nord Stream 2 pipeline that will transport Russian gas into Germany could be approved by the end of this year, according to a CEO of one project’s financial backers.

Gazprom in Russia (MCX) has led the construction of the pipeline. Now, the German network agency is awaiting certification. They have stated that they will not make any decisions until the second half of 2022.

It has weakened diplomatic relations already under strain by open conflict between Russia, Ukraine. This fuelled speculation that the pipeline might be used as a tool to put pressure on Moscow.

“I do not see any political interference. The network agency is reviewing the plan as it has been planned. This could occur in the middle of 2022. Nord Stream 2’s importance is stressed by Klaus-Dieter Maubach CEO at Uniper.

Uniper is just one of five European energy businesses – Wintershall Dea Shell (LON;), OMV and Engie – that paid less than half the $11 million Nord Stream 2 cost.

Maubach stated that “every additional import option helps to ease our situation on the gas market.”

But there are also political risks. If the Russia-Ukraine war escalates, the pipeline could be the target of U.S. sanctions. sanctions.”

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