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    GAZP   RU0007661625

PUBLIC JOINT STOCK COMPANY GAZPROM

(GAZP)
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Russia completes Nord Stream 2 construction, gas flows yet to start

09/10/2021 | 04:08am EDT

* Germany is yet to certify Nord Stream 2 pipeline

* Russia wants to start gas supplies via NS2 this year

* U.S., Ukraine oppose the NS2 project

MOSCOW, Sept 10 (Reuters) - Gazprom said on Friday it had finished construction of the Nord Stream 2 subsea pipeline to Germany, which could allow Russia to double lucrative gas exports to Europe via the Baltic Sea while bypassing and cutting off a source of income for political foe Ukraine.

Although German regulators have yet to clear gas flows, completion of the construction stage means Russia has boosted its energy exporting capabilities towards Europe both from the north in the Baltic Sea and from the south in the Black Sea, where it operates the TurkStream pipeline.

"The head of the management board, Alexei Miller, told the morning meeting at Gazprom that the construction of Nord Stream 2 was fully completed today in the morning at 0845 Moscow time," Gazprom said.

Gazprom started construction of the 1,200-km long Nord Stream 2 pipeline from Russia to Germany five years ago. Progress of the $11 billion project stalled at the end of 2019 when then U.S. president Donald Trump imposed sanctions.

Construction restarted around a year later with the engagement of Russia's own vessels.

The route, jointly with the existing Nord Stream pipeline, will double annual export capacity to 110 billion cubic metres, around half of Russia's total gas exports to Europe a year.

The project has drawn criticism from the United States and Ukraine among others. Washington says it will increase Europe's reliance on Russian energy supplies.

The United States is seeking to boost sales of sea-borne liquefied natural gas to Europe, and has touted its super-chilled gas exports as "molecules of freedom".

Gazprom is Europe's largest supplier of natural gas, accounting for more than a third of the region's gas market.

On Thursday, Russia said pumping commercial gas supplies via Nord Stream 2 would not start until a German regulator gives the green light.

The Swiss-based Nord Stream 2 AG consortium said in a statement it has completed welding the pipeline with help from Russian vessel Fortuna.

"The required pre-commissioning activities will be carried out with the goal to put the pipeline into operation before the end of this year," it said.

NO CLEARANCE YET

Gazprom's announcement on the construction completion was met with scepticism in Kyiv, which risks losing billions of dollars in gas transit fees if Moscow halts gas supplies via Ukraine.

Russia's five-year gas transit deal with Ukraine expires after 2024. Russian President Vladimir Putin has said Ukraine must show good will if it wants to continue.

"Constructed doesn't mean to put it on stream. And this won't happen until the pipeline is certified," Olha Belkova, a manager at Ukraine's gas pipelines operator, said in emailed comments to Reuters.

Carlos Torres Diaz, head of Power and Gas Markets at analysis firm Rystad Energy, said it takes time for gas to flow via pipes of Nord Stream 2.

"There hasn't really been a reaction from the market so far so I guess this just also confirms expectations that no commercial deliveries are expected in the short term," he said.

The Kremlin said "everyone" was interested in Nord Stream 2 obtaining clearance.

Before Germany's energy regulator approves Nord Stream 2, it must comply with European unbundling rules that require pipelines owners to be different from suppliers of gas flowing in them to ensure fair competition.

Gazprom's Western partners are Germany's Uniper, BASF's Wintershall Dea, Anglo-Dutch oil major Shell, Austria's OMV and French energy company Engie.

The German regulator, the Bundesnetzagentur, said it does not know how long it will take to reach a decision on certification but it can penalise the consortium if it starts operations without approval. (Reporting by Vladimir Soldatkin, Oksana Kobzeva in Moscow, Pavel Polityuk in Kyiv, Vera Eckert in Frankfurt and Nora Buli in Oslo; editing by Jason Neely, David Evans, Elaine Hardcastle and David Gregorio)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE -0.77% 62.95 Delayed Quote.-1.92%
ENGIE 1.20% 12.144 Real-time Quote.-4.14%
OMV AG -1.13% 54.38 Delayed Quote.66.67%
PUBLIC JOINT STOCK COMPANY GAZPROM 0.61% 369.25 End-of-day quote.73.61%
PUBLIC JOINT STOCK COMPANY GAZPROM NEFT 0.82% 520.5 End-of-day quote.64.22%
S&P GSCI NATURAL GAS INDEX -1.29% 250.1639 Delayed Quote.110.56%
TOTALENERGIES SE -0.46% 44.64 Real-time Quote.27.10%
UNIPER SE 1.18% 38.69 Delayed Quote.35.20%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.48% 71.1569 Delayed Quote.-4.03%
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Financials (USD)
Sales 2021 136 B - -
Net income 2021 31 139 M - -
Net Debt 2021 43 295 M - -
P/E ratio 2021 4,00x
Yield 2021 11,9%
Capitalization 123 B 123 B -
EV / Sales 2021 1,23x
EV / Sales 2022 1,15x
Nbr of Employees 477 600
Free-Float 50,5%
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Number of Analysts 10
Last Close Price 5,22 $
Average target price 5,55 $
Spread / Average Target 6,41%
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Managers and Directors
Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Denis Vladimirovich Fedorov Head-Marketing & Administration Department
Yuri Stanislavovich Nosov Head-Administration Department
Timur Askarovich Kulibayev Independent Director
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