World News | Putin: New Germany-bound Pipeline May Help Reduce Prices
Get latest articles and stories on World at LatestLY. Russian President Vladimir Putin said Wednesday that a new pipeline to Germany has been fully filled with natural gas, noting that it could help quickly reduce soaring European energy prices.
Moscow, Dec 29 (AP) Russian President Vladimir Putin said Wednesday that a new pipeline to Germany has been fully filled with natural gas, noting that it could help quickly reduce soaring European energy prices.
The USD 11 billion Nord Stream 2 pipeline is currently awaiting approval from Germany and the European Union, and officials warned that a decision won't come in the first half of 2022.
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The first of its two links was filled with gas in October, and Russia's state-controlled Gazprom natural gas company reported Wednesday that it had completed filling the second one to make it fully ready for operation.
Putin pointed at surging energy prices in Europe, adding that Nord Stream 2 could help quickly stabilise the markets.
“This new additional route will certainly help stabilise prices on the European markets,” Putin said at a meeting with energy officials.
“It would undoubtedly impact prices on the spot market, and consumers in the countries that use the Russian gas will immediately feel it.”
The new 1,234-kilometer (765-mile) pipeline, which has an annual capacity of 55 billion cubic meters (1.9 trillion cubic feet), would double the volume of gas pumped by Gazprom directly to Germany, adding to a similar pipeline under the Baltic Sea and circumventing existing links through Poland and Ukraine.
Nord Stream 2 critics in the U.S., Ukraine and Poland warn that it will increase Russia's leverage over Europe, pit EU member states against each other and deprive Ukraine of transit revenues. Washington has stressed targeting Nord Stream 2 to counter any new Russian military move against Ukraine.
Moscow has denied Western allegations that it was hatching plans to attack Ukraine. It has insisted that Nord Stream 2 is a purely commercial project that will help ensure more reliable long-term supply and help save billions in transit fees paid to Poland and Ukraine. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)