MOSCOW, July 22. /TASS/. The Nord Stream 2 gas pipeline will remain an economically sound project owing to Europe’s need for Russian energy resources, Russian Deputy Foreign Minister Alexander Grushko said in an interview with First Deputy Director-General of TASS Mikhail Gusman.
"Both the TurkStream and the Nord Stream 2 are economically feasible projects. They will not be present at all if there is no economic aspect in these projects," Grushko said, responding to the question whether the projects will remain profitable in the conditions of US sanctions. "Such economic feasibility is not our estimates alone but this is also the demand of the states interested in receiving Russian gas safely and on a long-term basis," the diplomat said.
Although EU countries set the goal of abandoning hydrocarbons use by 2050, the forecast demand for the Russian gas on the European market will remain at the current level by 2030, Grushko said. The Russian gas currently accounts for 40% of gas consumption in Europe; at the same time, diversification of liquefied natural gas (LNG) supplies is underway in the EU, including higher imports from the US.
"However, it is characteristic that the share of our LNG is growing at a quick pace. Therefore, grounds are in place to believe that these projects will remain economically feasible from the standpoint of gas demands for the foreseeable future, which is related to the payback of projects you have mentioned," Grushko said.
The success in implementing the Nord Stream 2 project will depend in the first instance on the political will of Europeans and their ability to cope with the US pressure, rather than on economic indicators, the diplomat added.