Gazprom Boosts Gas Exports to Germany

From January 1 to May 30, 2017, Gazprom supplied Germany with 22.3bn m³, up by 3bn m³ – or 15.7% – on the same period of 2016, it said May 31.

NGW reported early May that Gazprom's exports to EU rose 1.3% in April year on year, on cold weather. Gazprom's profits were down in Q1 2017 compared with the same period of last year as prices were lower.

The context of the announcement was a working meeting in St Petersburg between Gazprom CEO Alexei Miller and his counterpart at German Uniper, Klaus Schafer.

Among the topics on the agenda was Nord Stream 2. Gazprom said that the "signing of the financing agreements was crucial to the implementation of the project." Uniper has 10% of the project, which it is financing along with four other western companies, Gazprom being responsible for the other half. The project is already under way, and start up is planned late 2019.

At Uniper's 1Q results in early May, the German company said its financing contribution to the Nord Stream 2 project would be €958mn.

Nord Stream 1 meanwhile has not been at full capacity since January owing to a dispute over the use of the Opal line, an onshore offtake line running south from landfall at Greifswald. The case has lasted since December.

William Powell