The decision by Denmark on the «Nord stream-2» don’t stop construction, says expert

© Photo : Nord Stream 2/Wolfram ScheibleТранспортировка pipes for gas pipeline Nord stream — 2. Archive photoThe decision by Denmark on the «Nord stream-2» don’t stop construction, says expert© Photo : Nord Stream 2/Wolfram Scheible

The decision of the Danish Parliament to approve a bill that bans the construction of «Nord stream-2» in the territorial waters of the country, will not stop the project, but can complicate the process of obtaining project Finance, the Director of the group on natural resources and commodities, Fitch Ratings Dmitry marinchenko.

«The fact of the adoption of the law does not mean that Denmark will veto the construction of «Nord stream-2″. But even if this is done, the pipe can be laid in such a way that it is not passed in the territorial waters of Denmark. That is, in itself, the adoption of this law should not have critical consequences for the project,» said marinchenko.

«Another issue is that the overall situation with the «Northern stream-2» remains unclear. The countries-members of EU have different positions, and the adoption of the law now has positioned Denmark as being in the camp of the «opponents» of the project — along with Poland and the Baltic States. It let up a bit, but reduce the likelihood of realization of the project in time, and can also complicate the process of obtaining project financing,» — added the analyst.

Earlier media reported that the Danish Parliament on Thursday approved a bill that would allow the country to ban the construction of «Nord stream-2» in its territorial waters.

The project «Northern stream-2» involves the construction of two pipelines with a total capacity of 55 billion cubic meters of gas off the coast of Russia through the Baltic sea to Germany. The new pipeline is planned to be build next to the «Nord stream». Against the implementation of the project, a number of countries, in particular Ukraine, which fears to lose the income from the transit of Russian gas, the US has ambitious plans to export to Europe its LNG.

The operator of the project with a total value of 9.5 billion euros is the company 2 the Nord Stream AG, the sole shareholder of which is Gazprom. European partners — Shell, OMV, Engie, Uniper and Wintershall — have committed to financing the «Nord stream-2» in total 50%, ie 950 million euros each. «Gazprom» will provide the other half of the funds to 4.75 billion euros. The participants of the project plan 70% of investments to be covered by project Finance.

The decision by Denmark on the «Nord stream-2» don’t stop construction, says expertAs far as Europe is dependent on Russian gas

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