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Nord Stream 2 pipeline completion still on schedule, executive says

  • The consortium building the Nord Stream 2 gas pipeline from Russia to Germany expects to complete the project on schedule in early 2020 or before, after speculation that it could face months of delays, according to the CEO of one of the investors.
  • OMV CEO Rainer Seele says more than 75% of the project was finished by the timing for the completion would depend on securing Danish approval for the pipeline to cross its waters of the Baltic Sea.
  • The project, led by Russia's Gazprom (OTCPK:OGZPY), has had applications pending with Danish authorities since April 2017 seeking approval to lay pipe in Denmark's Baltic waters.
  • Gazprom's European partners in the project are Royal Dutch Shell (RDS.A, RDS.B), Germany's Uniper (OTC:UNPPY) and BASF (OTCQX:BASFY), Austria's OMV (OTCPK:OMVJF) and France's Engie (OTCPK:ENGIY).
  • Separately, Gazprom says its Q2 net income rose 16% Y/Y to 300.6B rubles ($4.55B) but revenues ticked lower to 1.78T rubles from 1.83T rubles in the same period last year.

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