Breaking News
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% Upgrade now

Russia says can't do much to help with Nord Stream gas pipeline repair

Stock Markets Aug 01, 2022 13:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Pipes at the landfall facilities of the Nord Stream 1 gas pipeline are pictured in Lubmin, Germany, March 8, 2022. REUTERS/Hannibal Hanschke
 
GAZP
-5.22%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CHNA
+0.95%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine)

MOSCOW (Reuters) - There is little Russia can do to help with urgent repairs required to malfunctioning Nord Stream 1 gas pipeline equipment, Kremlin spokesman Dmitry Peskov said on Monday, following further falls in Gazprom (MCX:GAZP) production and exports.

Russia cut gas supplies via Nord Stream 1, its main gas pipeline to Europe, to just 20% of capacity last week, saying that a turbine sent to Canada for maintenance had not been returned and other equipment also needed repair.

This signalled a deepening of a row in which Moscow has cited turbine problems as its reason for cutting gas supply via the Nord Stream 1 pipeline.

"There are malfunctions which require urgent repairs and there are certain artificial difficulties which were caused by sanctions," Peskov said.

"This situation needs a fix and Russia has a little ability to help here," he added.

Germany's Siemens Energy, the manufacturer, has said it had no access to the turbines on site and had not received any damage reports from Gazprom and so had to assume the turbines were operating normally.

PRODUCTION, EXPORTS DOWN

Gas from Russia covered around 40% of European needs before Russia sent troops to Ukraine in February in what it said was a "special military operation". In line with wide-ranging Western sanctions on Moscow, the EU is seeking to reduce its reliance on Russian energy.

The Nord Stream 1 pipeline, once a symbol of energy cooperation between Europe's largest economy Germany and Russia, is among several routes that transport Russian gas to Europe.

Another major route is the Yamal-Europe pipeline, which works in reverse mode to move gas from Germany to Poland, and exports via Ukraine are also at reduced levels after Kyiv shut one of the two crossing points from Russia amid the military conflict.

As a result, Gazprom's gas output was down 12% to 262.4 billion cubic metres from January to July and exports to non-CIS countries fell by 35% to 75.3 bcm from the same period a year ago, the Russian state gas company said separately on Monday.

Last month, Gazprom's output was 35.8% lower in annual terms compared with a year-on-year drop of 30.4% the month before, Evgeniy Suvorov, an economist at CentroCreditBank, said on his Telegram channel MMI, and exports were down 58.4% versus June's drop of 49.7%.

"Russia would not be able to compensate for the loss of the European market by supplying China," Suvorov said, adding that Gazprom shipped 10.4 bcm to China last year.

On Monday, Gazprom said that supplies to China via the Power of Siberia pipeline were up by 61%, without providing figures.

Russia says can't do much to help with Nord Stream gas pipeline repair
 

Related Articles

Why Aditxt Shares Are Skyrocketing Today
Why Aditxt Shares Are Skyrocketing Today By Benzinga - Oct 07, 2022

Aditxt Inc (NASDAQ: ADTX) shares are trading higher by 22.04% to $4.04 Friday morning after the company announced AditxtScore is featured by FedEx (NYSE:FDX) in a video...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Pepe Bohington
Pepe Bohington Aug 01, 2022 13:21
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The west says they cannot help with Russian army getting destroyed in Ukraine
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email