A divisive Russian energy project dripping with geopolitical tension reached a major milestone this week. The Nord Stream 2 pipeline, which would pump natural gas from Russia into Northern Europe, lined up financial backing from the western energy industry on Monday despite a barrage of protest from many European Union members fearful of Moscow’s hold on Europe’s energy supplies.
Five European energy companies agreed to foot half the bill for the controversial $10.3 billion project: Austria’s OMV, France’s Engie, the Dutch-British group Royal Dutch Shell, and Germany’s Uniper and Wintershall. Russia’s state-owned gas giant Gazprom would pay for the remaining half, but retain control of the project.
Gazprom may have won the latest battle with the help of the five European energy firms, but the war’s not over. Despite Western dollars to back the project, Gazprom remains the sole shareholder of the pipeline, which means big legal concerns still abound, said Sijbren de Jong to Foreign Policy Magazine.
The full article can be read here.
Photo credit: rickz via Foter.com / CC BY-NC-ND
Experts
Related Content
