It paves the way for the completion and commissioning of the pipeline.
Van Beurden said during Shell's Q2 results call:
- I think it's a sensible outcome, it's a practical outcome, and it removes a certain degree of uncertainty that would also affect us
- We are a financial participant in this project and we would like to rely on the good operations of the project to get our debts serviced and ultimately repaid
According to S&P Global Platts Analytics, Nord Stream 2 is expected to begin commercial flows in October this year, giving Gazprom a new direct supply link to Germany.
Gazprom could choose to divert some of the gas it currently transits via Ukraine into Nord Stream 2.
Ukraine remains strongly opposed to the pipeline's completion, which is expected by the end of August.
Van Beurden said:
- there were multiple ways to look at the agreement between Germany and the US from a political perspective
- But the agreement that Germany has struck with the US - with all the aspects of it including quite a few components to do with Ukraine - is a very strong, sensible, pragmatic and balanced way of looking at it
- And let's be honest, Europe does need a significant amount of gas for some time to come
- And the lowest-carbon supplies of natural gas are going to be pipeline gas, whether we like it or not
- That's the reality, the continent simply needs that supply as well
High European gas prices, Shell CFO Jessica Uhl said, point to the need for «strong energy policy in ensuring sufficient supplies to support Europe's energy needs».