Reuters: Gazprom mothballs extension of Nord Stream pipeline

Gazprom has put an expansion of its Nord Stream gas pipeline on hold, rowing back for the second time in two months on plans to extend its European network as relations between Russia and the West fester over Ukraine.

Existing capacity through Nord Stream, which runs under the Baltic Sea and serves Germany, was enough for now and there was no immediate need for an expansion, the state-controlled firm said on Wednesday.

Gazprom Chairman Viktor Zubkov said a weak gas market was forcing the firm to defer projects.

"When the price is decreasing... is difficult to realise these projects and sometimes it's even not possible," he told a gas conference in Vienna.MORE