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
In the past, OMV's import contracts with Russia's Gazprom were for supply via Ukraine.
- This dependence no longer exists
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