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Scholz: Nord Stream 1 Turbine Ready To Go, No Reason For Delay

GERMANY
markets-real-timePolitical RiskCommoditiesPolitical Risk BulletEnergy BulletsBulletMarketsFixed IncomeForeign ExchangePolitical Market News

German Chancellor Olaf Scholz speaking in the town of Mülheim, where the Nord Stream 1 turbine that recently underwent maintenance in Canada remains, comments hitting wires:

  • Scholz: The turbine is ready, there is no reason for it not to be transported to Russia. There are no sanctions on gas, there is no reason why the delivery cannot happen. It can be delivered at any time, but you need a counter party that actually wants it.
  • Scholz: We have to prepare ourselves that even if the transport of the turbine actually happens, there could be further supply disruptions further down the line. That's why we've taken numerous measures to diversify away from Russia fast.
  • Also at the event is Siemens Energy CEO, states that 'We are trying everything to deliver the turbine, cannot understand what the hold-up is'.
  • Russia have stated that western sanctions are causing issues, as are safety concerns with other turbines, all resulting in an inability to pump significant gas flows through Nord Stream 1.
  • However, western assumptions are that Russia is deliberately reducing gas flows to Germany and other European states in order to limit these nations' abilities to build up gas stores before the winter. This could leave countries short of energy come the colder months, with Moscow hoping that it could sow division within the EU and result in some countries advocating a loosening of sanctions on Russia in exchange for gas.
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German Chancellor Olaf Scholz speaking in the town of Mülheim, where the Nord Stream 1 turbine that recently underwent maintenance in Canada remains, comments hitting wires:

  • Scholz: The turbine is ready, there is no reason for it not to be transported to Russia. There are no sanctions on gas, there is no reason why the delivery cannot happen. It can be delivered at any time, but you need a counter party that actually wants it.
  • Scholz: We have to prepare ourselves that even if the transport of the turbine actually happens, there could be further supply disruptions further down the line. That's why we've taken numerous measures to diversify away from Russia fast.
  • Also at the event is Siemens Energy CEO, states that 'We are trying everything to deliver the turbine, cannot understand what the hold-up is'.
  • Russia have stated that western sanctions are causing issues, as are safety concerns with other turbines, all resulting in an inability to pump significant gas flows through Nord Stream 1.
  • However, western assumptions are that Russia is deliberately reducing gas flows to Germany and other European states in order to limit these nations' abilities to build up gas stores before the winter. This could leave countries short of energy come the colder months, with Moscow hoping that it could sow division within the EU and result in some countries advocating a loosening of sanctions on Russia in exchange for gas.