Nord Stream 2 European Partners Explain Why They Need the Project

The increasing import demand for natural gas in Europe lies in the core of Western European partners' intention to contribute to the construction of the Nord Stream 2 pipeline, European shareholder companies said in a statement obtained by Sputnik.

MOSCOW (Sputnik) — On Monday, Russia’s energy giant Gazprom said its record deliveries of natural gas via the Nord Stream pipeline on New Year’s Day showed the pipeline’s high demand on the European market and "the importance and relevance of constructing Nord Stream 2."

"The Interested Western European Partners (ENGIE, OMV, Shell, Uniper, and Wintershall) have further analyzed alternatives to individually contribute to the Nord Stream 2 project … The basis for our planned contribution to the Nord Stream 2 project is the increasing import demand for natural gas in Europe," the statement reads.

The European energy companies also expect the import gap to possibly widen in the future due to "decreasing indigenous production in Europe (eg. in the Netherlands)." However, the shareholders believe in the success of the Nord Stream 2 construction.

"Progress has been made and the partners are optimistic to succeed in developing a common understanding for a feasible solution which, if implemented, will be in line with all applicable laws and regulations," the statement said.

In September 2015, Gazprom signed a shareholders agreement with France's Engie, Austria’s OMV AG, Royal Dutch Shell, Germany's Uniper and Wintershall to set up Nord Stream 2 AG, a joint venture that would build a pipeline from Russia to Germany across the Baltic Sea.

The Nord Stream 2 pipeline aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union bypassing Ukraine. The pipeline project plans to use the original Nord Stream pipeline for 86-percent of the route before branching off.

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