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Reuters
Under the heading “The German Wave”, Irina Kezik, editor-in-chief of “Oil and Gas Vertical” magazine, wrote in “Izvestia” about what the suspension of the “North Torrent-2” gas pipeline project could lead to.
The article states: The US Treasury has expanded the list of sanctions against Russia: New restrictions have been imposed on the Fortuna pipeline vessel, which is building the “Northern Torrent-2” gas pipeline. Washington will not stop there. In the near future, they plan to consider additional measures.
All this was expected for Russia and its European partners. Literally, on the eve of the imposition of new restrictions, Oliver Hermes, head of the Eastern Committee for the German Economy, which includes German companies operating with Russia and Eastern Europe, said that attempts to stop the Northern Torrent-2 are “short-sighted”, and if the project stops, gas and electricity prices for European consumers will rise. .
Thus, the Bundestag felt the need to take more drastic measures, and suggested imposing penalties on US LNG. First, Klaus Ernst, head of the Bundestag’s Economic and Energy Committee, called on the US ambassador to “explain unequivocally the position of his government.” Second, he said Germany should respond with countermeasures, such as imposing duties on LNG imports from the United States.
The expert community notes that the gap between prices in the US and European markets will grow. In the first place, because of the decline in production in the United States, which is linked to the oil and gas market crisis and low prices, which led to the bankruptcy of shale oil companies.
Despite the fact that the administration of the new US President Joseph Biden has announced that it will do its utmost to stop the project (Northern Torrent-2), Gazprom and its partners are also ready to make every effort to win and complete the project. Very little was left to accomplish.
On this occasion, Oliver Hermes remarkably noted that halting a billions of dollars-worth of project which is about to be completed means “turning it definitively into a game of political influence.”
The article expresses only the opinion of the newspaper or writer
