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Putin Warns of NS1 Capacity Reduction

NATURAL GAS

Slow progress to equipment maintenance could reduce capacity on the Nord Stream 1 pipeline according to Putin speaking after his visit to Tehran.

  • The pipeline has been undergoing maintenance from July 11-21. After initial fears it would not be switched back on, Reuters sources reported yesterday it is due to return on schedule but at reduced capacity.
  • Putin said there were five gas pumping units, operated by Siemens Energy at Nord Stream 1, while one more unit was out of order due to "crumbling of inside lining."
  • "There are two functioning machines there, they pump 60 million cubic metres per day ... If one is not returned, there will be one, which is 30 million cubic metres. Has Gazprom something to do with that?"
  • Putin added that another gas pumping turbine is due to be sent for maintenance July 26. He also said that if a pipeline part that was caught up in sanctions isn’t returned to Russia, then the link will only work at 20% capacity as soon as next week.
  • TTF AUG 22 up 1.9% at 157.45€/MWh, firming on news of reduced flow rates on Nord Stream 1.
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