All news

French company Engie to support Nord Stream 2 despite US sanctions

He said the corporation was a partner in Nord Stream 2

MOSCOW, January 16. /TASS/. French energy corporation Engie will supporting the Nord Stream 2 gas pipeline project in spite of U.S. sanctions, Gerard Mestrallet, the President of the Board of Governors told Rossiya One channel on the sidelines of the Gaidar Forum conference in Moscow.

He said the corporation was a partner in Nord Stream 2 and it would continue rendering support to it under any circumstances.

Although the U.S. Congress endorsed a law imposing new sanctions on the project, Gazprom had signed an agreement with partners in the project much earlier, Mestrallet said, adding to it that he did not see grounds for anxiety in the situation.

The case in hand is the law that Donald Trump adopted in August 2017. It toughened the anti-Russian sanctions and made a provision for imposing sanctions on the individuals who invested more than $ 5 million in the construction of Russian export pipelines a year or $ 1 million in a lump sum.

The Nord Stream 2 project presupposes construction of two pipeline strings with the overall throughput capacity of 55 billion cubic meters a year. The pipeline will stretch across the floor of the Baltic Sea from the Russian shore on the Gulf of Finland to Germany.

It will replicate the route of the already functioning Nord Stream pipeline.

Beside Engie, Gazprom’s European partners in the project are Uniper and Winterhall of Germany, OMV of Austria, and Shell.