AIM IP specialist Tekcapital to sell or float all four portfolio companies 'within 2 years'. Watch the full video here

Less Ads, More Data, More Tools Register for FREE
AIM IP specialist Tekcapital to sell or float all four portfolio companies 'within 2 years'
AIM IP specialist Tekcapital to sell or float all four portfolio companies 'within 2 years'View Video
GraniteShares making investing in US tech stock giants easier with innovative FAANG ETP
GraniteShares making investing in US tech stock giants easier with innovative FAANG ETPView Video

Latest Share Chat

TIMELINE-Twists and turns in Russia's Nord Stream 2 gas pipeline to Germany

Wed, 7th Oct 2020 14:59

Oct 7 (Reuters) - Poland has fined Russia's Gazprom
more than $7.6 billion for building the Nord Stream 2
gas pipeline without Warsaw's approval, its watchdog said on
Wednesday.

Russia's bid to double its gas export capacity across the
Baltic Sea has prompted opposition, including U.S. sanctions,
stalling completion of the $11 billion pipeline.

In addition to Europe's increased reliance on Russian gas,
opponents are wary of Moscow's motives as the pipeline will
allow it to curb gas transit via Ukraine, cutting off a source
of revenue for Kiev.

Below is a timeline of Nord Stream 2's development:

2011

November: The Nord Stream 1 twin pipeline across the Baltic
Sea opens between Russia and Germany with a capacity of 55
billion cubic metres (bcm), or enough to heat 26 million homes.

Gazprom and Western partners start looking double the
project at an estimated cost of 9.5 billion euros ($11.3
billion).

2015

June: Gazprom, Royal Dutch Shell, E.ON,
OMV, BASF and ENGIE agree to
build Nord Stream 2.

2016

March: Eight EU governments - the Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Poland, Romania and Slovakia -
object to the project, saying it would have "potentially
destabilising geopolitical consequences".

2017

April: Nord Stream 2 AG signs financing agreements with
ENGIE, OMV, Shell, E.ON offshoot Uniper, and BASF's
subsidiary Wintershall [https://reut.rs/2FgjZZZ
]

2018

January: Germany grants Nord Stream 2 a permit for
construction and operation in German waters and landfall areas
near Lubmin in Mecklenburg-Vorpommern

September: pipe-laying operations start in the Baltic Sea

2019

January - U.S. ambassador to Germany warns companies
involved in the construction could face sanctions [https://bit.ly/2FhqaN3
]

December - Swiss-Dutch company Allseas suspends its
pipe-laying activities in anticipation of U.S. President Donald
Trump signing a bill which includes sanctions on firms involved.

The group behind Nord Stream 2 says it aims to complete the
pipeline, despite the U.S. sanctions threat.

Trump signs the bill.

2020

January: Russian President Vladimir Putin says he hopes the
pipeline will be finished by the end of Q1 2021. German
Chancellor Angela Merkel says she believes the project is
legitimate under European regulations and should therefore be
completed.

May: Germany's energy regulator declines to grant a waiver
to operators of the pipeline of EU directives that require
separate operators for production, transport and distribution of
energy on German territory.

An EU court rejects a challenge to EU gas rules from the
operators of the Nord Stream 1 and Nord Stream 2 pipelines,
saying it was up to individual members states to enforce them.

August: Poland fines Gazprom 213 million zloty ($57 million)
for a lack of cooperation with the country's anti-monopoly
office regarding Nord Stream 2.

September 3: Pressure mounts on Merkel to reconsider the
pipeline, after she says Kremlin critic Alexei Navalny was
poisoned with a Soviet-style nerve agent.

September 11: The premier of the German state of
Mecklenburg-Vorpommern, where Nord Stream 2 would come ashore,
says the pipeline should not be used to punish Moscow over the
Navalny case. Merkel wants to agree a response with EU
partners.

October 1: Denmark grants a permit for Nord Stream 2 to
operate in its waters.

October 7: Poland fines Gazprom more than $7.6 billion for
building the pipeline without approval from its anti-monopoly
watchdog.

($1 = 0.8424 euros)
(Reporting by Tommy Lund and Bartosz Dabrowski in Gdansk;
editing by Jason Neely and Barbara Lewis)

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.