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Nord Stream 2 project will not satisfy Europe’s gas demand, says Uniper CEO

Nord Stream 2 project participants completed its funding, according to the Uniper CEO

DUSSELDORF, October 9. /TASS/. Launch of the Nord Stream 2 gas pipeline project will not cover growing natural gas demand in Europe in the future, Chief Executive Officer of Germany’s Uniper Andreas Schierenbeck told reporters on Wednesday.

"The gap is huge and there is enough room for LNG and pipeline gas at the demand side," the top manager said. The gas deficit forming as a result of declining gas production and supply from Norway, the United Kingdom and the Netherlands will not be fully covered by deliveries over the Nord Stream 2, Schierenback said.

"We need to be balanced by LNG," he added.

Completion of funding

Participants in the Nord Stream 2 gas pipeline project completed its financing, the Uniper CEO told reporters on Wednesday.

"Nord Stream 2 is fully financed, so there are no outstanding sums," the top manager said.

No financing increase is planned either, the top manager vowed. All materials, pipes and other items have already been procured, Schierenbeck added.

No plans to sell generating assets in Russia

Germany’s Uniper does not consider sale of its generating assets in Russia, Andreas Schierenbeck revealed.

"First of all, Unipro [Russian affiliate of Uniper — TASS] is the central part of our strategy as Unipro provides one third of our EBIT," the top manager said. Uniper does not consider and is not interested in the asset sale, he stated.

The company has not received any offers for sale of Unipro assets, Schierenbeck noted, commenting on reports in Russian media about high interest of market players in Uniper’s power plants in Russia.