Europe needs Russian gas supplies, Russian President Vladimir Putin said said at a press conference on Wednesday that he hoped the Nord Stream-2 gas pipeline project would be implemented.
Putin said while talks with the President of Finland, “The objective side of the matter is that Europe is interested in receiving Russian gas. I think that the project will be implemented.”
The Russian President said “If now they convince Europeans that they should buy gas from them at higher prices, then this will be the choice of Europeans. The next step will be subsidizing a non-competitive product in the European market from state budgets. Theoretically, we can imagine this.”
The Nord Stream 2 pipeline is expected to come into service at the end of 2019. The total cost of the project has been estimated at 9.5 bln euro. The pipeline is set to run from the Russian coast along the Baltic Sea bed to the German shore. It will go through the exclusive economic zones and territorial waters of five countries – Russia, Finland, Sweden, Denmark, and Germany, thus bypassing transit countries of Ukraine, Belarus, Poland and other Eastern European and Baltic states. Each of the pipeline’s two stretches will have a capacity of 27.5 bln cubic meters.