The Nord Stream 2 project envisages the construction of two gas pipelines that will run from Russia, through the Baltic Sea and to a hub in Germany, bypassing Ukraine entirely.
“We will beat another record this year. But this record will actually bring us closer to the volume of the contracted gas — 204.5 billion (cubic meters). Therefore, additional gas demand will mean that new transport routes need to be created. Because both the Nord Stream 2 and the Turkish Stream are vital for Europe,” deputy head of Gazprom, Alexander Medvedev said at a gas session of the Russian energy week forum.
The project is a joint venture of the Russian energy giant Gazprom with French Engie, Austrian OMV AG, UK-Dutch Royal Dutch Shell, and German Uniper and Wintershall.
“Our gas was, is and will remain the most competitive gas in Europe, there is no doubt about that,” Medvedev said.
Nord Stream 2 has been welcomed by some countries in Europe, such as Germany and Austria, and opposed by others, including Ukraine, which may suffer transit revenue drops if the project becomes operational.
Russian President Vladimir Putin said in May that Russia would not halt the transit of gas through Ukraine if this remains cost-effective.
The Russian Energy Week was first held in 2017 and serves as a platform for demonstrating the prospects of Russia’s fuel and energy industry and exploring the potential of international cooperation in the field.