Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO
Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPOView Video
Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant
Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plantView Video

Latest Share Chat

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

TIMELINE-Nord Stream 2: the difficult birth of Russia's gas link to Germany

Thu, 22nd Jul 2021 12:41

(Adds recent developments)

July 22 (Reuters) - As the Nord Stream 2 gas pipeline nears
completion, Germany has reached an agreement with the United
States that it will respond to any attempt by Russia to use
energy as a weapon against Ukraine or other countries in the
region.

The pact aims to mitigate what critics see as the strategic
dangers of the $11 billion pipeline, now 98% complete, being
built under the Baltic Sea to carry gas directly from Russia's
Arctic region to Germany.

U.S. officials have long opposed the pipeline, which doubles
the capacity of the existing Nord Stream 1 (NS 1) link. But
President Joe Biden's administration has chosen not to try to
kill it with U.S. sanctions, instead persuading Berlin to agree
to imposing costs on Moscow if it seeks to use the pipeline to
harm Ukraine.

The United States fears NS 2 increases Europe's reliance on
Russian energy, while supporters of the pipeline say Washington
is seeking to increase its own liquefied natural gas (LNG) sales
to the continent.

Here are some significant moments in Nord Stream 2's
development:

2011

November: Gazprom and Western partners look into
expanding the pipeline system by a further 55 billion cubic
metres at an estimated cost of 9.5 euros ($11.3 billion).

2015

June: Gazprom, Royal Dutch Shell, E.ON,
OMV, Wintershall and ENGIE agree
to build the pipeline.

2016

March: Eight EU governments object, citing geopolitical
reasons.

2017

April: Financing agreements are signed.

2018

January: Germany grants permits for construction and
operation.

2019

January: The U.S. ambassador to Germany says companies could
face sanctions.

December: Swiss-Dutch company Allseas suspends pipe-laying.

U.S. President Donald Trump signs a defence policy bill
including sanctions.

2020

January: Russia targets a start in first quarter 2021.

May: Germany's energy regulator declines to grant a waiver
of EU gas directives to the operators.

May: An EU court throws out a challenge to EU gas rules from
the operators of NS 1 and NS 2.

Sept. 3: Pressure mounts on Berlin to reconsider support
after the alleged nerve agent attack on Kremlin critic Alexei
Navalny.

Sept. 15: Data shows a Russian ship sailed for the supply
base in Germany.

Sept. 23: The world's largest group of shipping insurers
says it will not insure vessels involved in NS 2.

Oct. 1: Denmark gives NS 2 permission to operate in Danish
waters.

Oct. 7: Poland fines Gazprom more than 29 billion zlotys,
having launched proceedings in June.

Nov. 4: Gazprom appeals in a Polish court against the fine.

Nov. 28: NS 2 says it plans to resume finishing a 2.6 km
stretch in German waters.

Dec. 3: The United States unveils a bill targeting companies
and individuals helping NS 2.

Dec. 11: NS 2 says the vessel Fortuna has resumed work.

Dec. 22: The Danish Maritime Authority issues notification
of pipe-laying works from Jan. 15.

Dec. 24: The Kremlin says new U.S. sanctions could
complicate the completion.

Dec. 28: NS 2 says it has completed the 2.6 km section in
German waters.

2021

Jan 6: The northern German state of Mecklenburg-Vorpommern
decides to set up a foundation to help the completion of NS 2.

Jan 13: The U.S. State Department warns European companies
of sanctions.

Jan 14-15: NS 2 says pipe-laying will resume in Germany on
Jan. 15.

Uniper and Wintershall Dea say they did not receive any
threats.

Jan 20: Trump on his last full day in office imposes
sanctions on Fortuna.

Gazprom successfully places an 8-year Eurobond worth $2
billion suggesting investors see limited risks.

German environmental groups file complaints with maritime
regulator BSH, effectively preventing further work in Germany
for now.

Jan. 21: The European parliament passes a resolution calling
for a stop to NS 2 completion in response to the arrest of
Navalny in Russia.

Jan. 24: Fortuna resumes work in Danish waters.

Feb 5: Chancellor Angela Merkel says Germany is sticking
with its support for the pipeline "for the time being", after
condemning Russia's expulsion of diplomats from Sweden, Germany
and Poland.

April 22: The U.S. Senate Foreign Relations Committee
advances a bill to pressure companies helping to build NS 2.

April 27: Russian vessel Akademik Cherskiy starts laying
pipes for the project in Danish waters.

May 19: The U.S. State Department waives sanctions around
participants of Nord Stream 2, saying it was in the U.S.
national interest.

May 25: Merkel says she expects further discussions with the
United States on the Nord Stream 2 project.

June 1: The Kremlin says Moscow welcomes the United States'
decision to refrain from sanctioning the pipeline, adding Russia
does not plan to stop sending gas via Ukraine.

June 4: President Vladimir Putin tells an economic forum
that Russia has finished laying the first line of the pipeline
to Germany.

June 7: Secretary of State Antony Blinken says the
completion of Nord Stream 2 is a "fait accompli", defending the
U.S. decision to waive some sanctions and vowing a response if
Moscow tries to use gas as a weapon.

June 10: Nord Stream 2 says the project will start
preparations on June 11 to fill the first of two pipelines with
natural gas within a few months.

June 25: German Economy Minister Peter Altmaier says he had
a productive meeting with U.S. Energy Secretary Jennifer
Granholm, and both countries were committed to resolving the
dispute over Nord Stream 2 by the end of August.

July 15: Biden and Merkel fail to settle their dispute over
Nord Stream 2 pipeline but say they agreed Moscow must not be
allowed to use energy as a weapon to coerce its neighbors.

July 22: The United States and Germany announce an agreement
on the Nord Stream 2 gas pipeline under which Berlin pledged to
respond to any attempt by Russia to use energy as a weapon
against Ukraine and other Central and Eastern European
countries.

(Reporting by Tommy Lund and Bartosz Dabrowski in Gdansk
Editing by Kirsten Donovan, Milla Nissi and Gareth Jones)

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

Read more
21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

Read more
15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin.

Read more
7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating the firm was "on a roll".

Read more
31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Read more
31 Jan 2022 07:48

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

Read more
28 Jan 2022 11:25

Shell's renewables boss steps down after less than two years

* Elisabeth Brinton leaves for new role, she says* Shell creates two new renewables leadership roles* Thomas Brostrøm to head renewables generation* Steve Hill to head energy marketingBy Ron BoussoLONDON, Jan 28 (Reuters) - Shell's head of renewable...

Read more
27 Jan 2022 16:14

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
26 Jan 2022 17:02

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

Read more
26 Jan 2022 14:36

China's Sinopec awards fewer cargoes in recent LNG tender

By Chen Aizhu and Marwa RashadSINGAPORE/LONDON, Jan 26 (Reuters) - Unipec, the oil and gas trading arm of China's Sinopec Corp has awarded fewer-than-planned cargoes in a recent tender to sell up to 45 cargoes of liquefied natural gas for 2022 del...

Read more
26 Jan 2022 12:16

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

Read more
26 Jan 2022 09:33

UPDATE 2-Commodity, bank stocks lead FTSE 100 higher; Playtech drops

* Oil and banking shares top gainers* Wizz Air reports Q3 loss, expects improvement in spring* FTSE 100 up 1.3%, FTSE 250 add 1.1% (Updates to market close)By Shashank Nayar and Ambar WarrickJan 26 (Reuters) - London's FTSE 100 rose on Wednesday wit...

Read more
26 Jan 2022 09:12

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

Read more
25 Jan 2022 21:13

UPDATE 1-U.S. awards 13 mln barrel exchange of crude from strategic reserve

(Adds details on sale, background on 50 million barrel SPR plan)WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to ...

Read more
25 Jan 2022 20:10

U.S. awards exchange of 13 mln barrels of crude from strategic reserve

WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies.The companies are Shell Trading US, 4.2 million ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.