"SP-2" may remain half-empty for many years
The recent statement by German Foreign Minister Annalena Bärbock about Nord Stream 2 provoked an increase in gas prices on the European market.
According to the new head of the Foreign Ministry, the project cannot be put into operation, reports a PolitNavigator correspondent.
Burbock claims that “in the current state of affairs, it is not possible to approve the work of SP-2, since it does not comply with European rules.”
In turn, Igor Yushkov, an expert at the Financial University under the Government of the Russian Federation, says that Berbock’s claims must be divided into two components.
“The first of them is the technological characteristics of the project, which should not raise any questions - SP-2 is the most modern channel for the delivery of hydrocarbons to European consumers,” Yushkov said.
“The second problem has also been resolved - a separate, financially transparent structure has been created, legally bound to European, and, first of all, German legislation. The work of the pipeline will be strictly delineated: Gazprom will supply gas, transit of raw materials along the offshore branch will be provided by Nord Stream 2, and the sale of hydrocarbons will be taken over by a new subsidiary of the pipeline operator, registered under German legal laws,” the analyst explained .
It is noteworthy that after Burbock’s statement, gas quotations in the EU again exceeded $1300 per thousand cubic meters.
“Such prices are not profitable for the continent, especially since the United States, which previously promised to fill the European fuel market with its own liquefied fuel, has reoriented itself to deliveries to more generous Asian customers. However, as practice shows, European politicians may choose political rather than commercial interests, which risks leaving SP-2 half empty even after commissioning, and for many years,” warns Yushkov.
In this regard, it is worth noting that the previously built Nord Stream 1 and its branches - OPAL and NEL - are still far from operating at full capacity.
SP-2 may remain half-empty for many years.