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Austria's OMV sees Nord Stream 2 gas link commissioning in 2nd half: CEO

The Head of Austria's OMV said he expected to see the Nord Stream 2 gas pipeline commissioned in the 2nd half of this year, reiterating his long-held view that the project would bring necessary import route diversification, S&P Global Platts analysed

Austria's OMV sees Nord Stream 2 gas link commissioning in 2nd half: CEO

Vienna, July 29 - Neftegaz.RU. The 55 Bcm/year Nord Stream 2 link from Russia to Germany is almost complete, with one string finished in June and the other expected to be completed by the end of August.
An agreement reached this month between Germany and the US gave the project a boost, allowing for the pipeline to become operational.

OMV CEO Rainer Seele said during a 2nd-quarter earnings call:
  • I welcome the agreement between the US and Germany because it paves the way for the final completion and commissioning of the pipeline
  • It is a source of personal pleasure that the pipeline will be commissioned this year
  • From the very beginning I have invested passion into the project and have been very committed - it is an important infrastructure project that will now come on stream
  • Natural gas and its transport network will play a decisive role in the energy transition
Seele added that Nord Stream 2 would bring more diversification of transport routes for Russian gas to Austria, bringing «higher security of supply and safeguards for our customers».
In the past, OMV's import contracts with Russia's Gazprom were for supply via Ukraine.
He said:
  • This dependence no longer exists
OMV and 4 other European energy companies - Anglo-Dutch Shell, France's Engie and Germany's Uniper and Wintershall Dea - each committed €950 million to the €9.5 billion project, adding up to 50% of the expected total cost.
Reinhard Florey, OMV CFO, said July 28:
  • The company had invested a little more than €800 million in Nord Stream 2, just short of its initial commitment
  • We only played the role of financier, there was no equity investment

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