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U.S. Sanctions Halve Iran’s Oil Revenues

U.S. Sanctions Halve Iran’s Oil Revenues

Iran’s oil revenues have halved…

Russian Analysts: Nord Stream 2 Could Start Gas Deliveries In 2021

The controversial Russia-led gas pipeline Nord Stream 2 is likely to start delivering first gas to Germany by the end of 2021, Russian energy experts tell news agency TASS, while the U.S. is targeting the project with additional sanctions to stop its completion.

Last week, work off the coast of Germany, the endpoint of the pipeline, resumed, with the pipe-laying vessel Fortuna laying a 2.6-kilometer (1.6-mile) section of the pipe.   

U.S. sanctions have delayed offshore construction works as the United States looks to thwart the completion of the pipeline by broadening the scope of the sanctions against service providers and those funding vessels involved in the construction of Nord Stream 2, and including the project as a target of more sanctions in the U.S. defense bill.

How fast the resumed pipe-laying will proceed “will depend on the technical capability of the vessels, which is still difficult to assess,” Dmitry Marinchenko, Senior Director at Fitch Ratings, Oil & Gas, told TASS.

“In theory, completion of construction by the end of the first quarter looks like a realistic goal,” Marinchenko said.

Construction of the remaining section of the pipeline may take up to six months, Director General of the National Energy Institute, Sergey Pravosudov, told TASS.

Both experts believe it is realistic for Russian gas to start flowing through the Nord Stream 2 pipeline sometime around the fourth quarter of 2021.

While Russian energy analysts say that Nord Stream will be put into operation, the U.S. continues to try to kill the project by slapping sanctions on anyone or any company helping the pipeline in any way.

The United States, several European countries, including the Baltic states and Poland, as well as the European Union (EU), have expressed concern about Russia using gas sales and its gas monopoly Gazprom as a political tool.

Germany, for its part, is looking at the economic benefits of the Nord Stream 2 project.

In July, the United States warned the companies that were helping to complete Nord Stream 2 that they should ‘get out now’ or face the consequences, as the Trump Administration stepped up efforts to stop the construction of the controversial Russia-led pipeline in Europe.

By Tsvetana Paraskova for Oilprice.com

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  • Peter Darlington on December 17 2020 said:
    I hope the pipeline will deliver gas
    at a competitive price!
  • Mamdouh Salameh on December 16 2020 said:
    I have repeatedly said on the pages of oilprice.com that the Nord Stream 2 gas pipeline is unstoppable. 95% of the 1230-kilometre long pipeline has already been constructed. Work has resumed last week in Baltic Sea waters off the German coast to complete the remaining 16 kilometres and another 60 kilometres in the Danish waters.

    Russian energy experts now expect the pipeline to be completed by the end of the first quarter of 2021 and to start delivering gas to Germany by the end of 2021.

    Wouldn’t, therefore, be more logical for President-elect Biden’s administration to accept gracefully the inevitable that US sanctions have failed to stop Nord Stream 2. In so doing, he would be resetting his relations with President Putin and starting a new page with Russia’s Putin thus impacting positively on the global global geopolitical scene.

    President Biden must be aware that the European Union’s (EU) gas market is big enough to absorb both extra Russian-piped gas supplies and US LNG exports.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

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