Nord Stream 2 Pipeline Construction to Restart Despite Sanctions

Want the lowdown on European markets? In your inbox before the open, every day.Sign up here.

Construction work on the Nord Stream 2 gas pipeline in the Baltic Sea will resume this week, despite U.S. sanctions designed to end the pipeline that will bring Russian gas to Germany.

Pipelaying on the 9.5 billion-euro ($11.2 billion) link will restart Dec. 5 after being halted for a year because of the sanctions, Nord Stream 2 company spokesman Jens Mueller said by email. Work on the 1,230-kilometer (764-mile) pipeline stopped last December when the Trump administration added measures against companies working on the link.

READ MORE:The Energy Project Trump Can’t Stop Seeks Ways to Finish Job

German companies and Chancellor Angela Merkel are bridling against America’s interference, and the Western companies set to reap rewards once gas starts flowing have vowed to move ahead. U.S. President Donald Trump has opposed the project, which he says will increase European dependence on Russian energy supplies.

So far, none of Nord Stream 2’s financial backers have pulled out despite escalating anger from the U.S. OMV along with Royal Dutch Shell Plc,Uniper SE, Engie SA andWintershall AG helped finance the project.

Source: Read Full Article