News

08.08.2017

THE NORD STREAM 2 PROJECT WILL BE COMPLETED DESPITE THE SANCTIONS REGIMES: REPRESENTATIVE OF CORPORATION ENERGY ON AIR OF RADIO FRANCE INTERNATIONALE

The Nord Stream 2 project being implemented in the interests of European consumers of natural gas as well as Russia will be successfully completed despite tightening of sanctions regimes, a representative of Corporation Energy said on air of Radio France Internationale (http://www.rfi.fr/) on August 7th.

“The twin pipeline from Russia to Germany through the Baltic Sea being constructed with the respectful participation of such large companies as E.ON, BASF, Wintershall, Uniper, Shell, OMV and ENGIE will supply about 26 million European households with Russian gas, so the project will be completed despite the sanctions which were imposed against pipeline projects with Russian participation not for the first time”, said Alexei Turbin in conversation with RFI presenter Christina Okello.

Referring to the research of Corporation Energy established by former Russian Energy Minister Igor Yusufov six years ago the Adviser to the Founder of the Corporation said that the OPEC/non OPEC production cut known as the OPEC+ mechanism had proved its mid-term effectiveness in establishing and maintaining global oil market stability. A clear confirmation of this fact was the meeting of the Joint Ministerial Monitoring Committee held in St. Petersburg in July which «qualitatively enriched the instrumentation of this mechanism and recognized the opportunity of the United States to participate in solidarity action for the market stability as was explicitly stated by OPEC Secretary General HE Mohammad Sanusi Barkindo”.

 "OPEC+ as an effective 2001-invented measure to maintain the market stability arose from active efforts of many prominent representatives of the global energy diplomacy such as Russian Minister of Energy Igor Yusufov as well as the outstanding diplomat and statesman, Minister of Industry and Energy of Qatar Abdulla Bin Hamad Al Attiyah who held the position of OPEC President at that time", said A. Turbin.

Answering C. Okello’s question, he expressed confidence that "the OPEC+ mechanism would remain as a tool of OPEC and non-OPEC countries which were interested in market stability and fair oil prices both for producers and consumers even if the production cut agreement was not renewed by the world's largest producers in March 2018".

Referring to the Corporation Energy forecast, the interlocutor of RFI noted that global demand for liquefied natural gas would increase annually by 4-5% till 2035, which was twice that for piped natural gas. In this regard, the Adviser to the Founder of Corporation Energy noted the importance to increase LNG production in Russia, because "LNG traded on a spot basis was seen as a more mobile and less politicized product".