Gas prices in Europe have risen 20 per cent since the start of trading on Wednesday. Another growth was recorded in the shares of Russian oil company Rosneft that set a record of 589.8 rubles ($8.12) at the Moscow Exchange after the reports about potential gas exports via the Nord Stream 2 pipeline, Sputnik reports.
Earlier in the day, the Deputy Prime Minister, Alexander Novak, said that the Russian Ministry of Energy would present to the cabinet a report on allowing Rosneft to pump gas through the pipeline.
In any case, the current sharp rise in gas prices in Europe has nothing to do with Russia, RT reports. According to the presidential spokesman, Dmitry Peskov, the launch of the newly constructed Nord Stream 2 pipeline may stabilize the energy market.
“Undoubtedly, the early commissioning of Nord Stream 2 will significantly balance the price parameters for natural gas in Europe, including on the physical market; this is obvious,” Peskov stated.
He stressed that given the current low storage volumes of the commodity, Europe is likely to need more gas than it currently receives.
However, despite the completion of Nord Stream 2, Europe should not expect the Russian pipeline to start deliveries this year due to bureaucracy within the EU, as was stated by the Russian Foreign Minister Sergey Lavrov.
“Now the process of obtaining the necessary permits from the German regulator is underway. The process is not fast. The beginning of 2022 has been indicated,” Lavrov said.
According to the press secretary of the German Federal Network Agency (BNetzA), Fita Wolf, Nord Stream 2’s certification may take several months, which can be considered a cause that forces market participants to raise prices, RT reported. So, according to Lavrov, there will be many other roadblocks before certification is finally granted.