Energy

Construction of Nord Stream 2 will be complete by early August

Monday, June 7, 2021

, Putin predicted in his plenary speech, reports Reuters. His Deputy Prime Minister, Alexander Novak said that less than 100 km of the 1,230 km Russia-Germany pipeline remains to be built. Putin said Gazprom would start filling the line with gas as soon as Germany grants approval. Gazprom shares rallied after the announcement, reaching 274 rubles ($3.76) per share, their highest level in 13 years. Combined, Nord Stream 1 and 2 will have the capacity to pump 110 bcm a year to Germany.

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The pipeline is to be discussed at the June 16 Putin-Biden summit in Geneva.

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EU imports of Russian gas will increase by 25% -- 50 billion cubic meters a year -- in late 2020s, Putin said, offering a forecast not shared by many analysts

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