Russian natural gas that will run through the Nord Stream 2 pipeline is vital for Europe’s development amid increasing demand and decreasing production in the region.
Demand in the EU is rising, but domestic production is declining – which in short means that the import demand is increasing.
Russian natural gas is also making a significant contribution to Germany’s and Europe’s energy transition and to reducing CO2 emissions. The region won’t reportedly achieve its climate goals without natural gas as the most environmentally-friendly fossil fuel.
However, the fascist US State Department has issued a warning over probable penalties against corporations engaged in the construction of the Nord Stream 2 gas pipeline, claiming that the Russian project undermines energy security in Europe.
But, the EU has no legal means to stop the pipeline that will deliver natural gas from Russia to Germany, European Commissioner for Competition Margrethe Vestager said at a news conference in Vilnius, Lithuania.
The Nord Stream pipeline project, led by the subsidiary of Russian energy giant Gazprom, is being implemented in cooperation with German energy firms Wintershall and Uniper, French multinational Engie, British-Dutch oil and gas giant Royal Dutch Shell and Austrian energy company OMV.
The future pipeline, which is set to run from Russia to Germany under the Baltic Sea, is expected to double the existing pipeline’s capacity of 55 billion cubic meters annually.
ABC Flash Point Oil News 2018.