Oct 7, 2020
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The expert explained what awaits the participants of Nord Stream 2 in reality

If the companies involved in one way or another in the Nord Stream 2 project decide to stop financing the construction – and they have already invested more than 75% – the remaining share will not become a serious burden for Gazprom. The most negative possible scenario is likely to affect the assets of the companies participating in the project in Poland. This was announced to by Maria Belova, Research Director of VYGON Consulting.

Meanwhile, the expert believes that after the fine announced by the Polish regulator, Gazprom will remain a reasonable decision in the legal field.

Gazprom is accused of refusing to provide information requested by the Polish antimonopoly authority as part of an investigation into Nord Stream 2. However, the company, in response to inquiries from the beginning of the year, requested UOKiK (Polish antimonopoly regulator – provide legal justification for such actions, but received no response, – said Maria Belova.

The TEK expert believes that “having the final decision of UOKiK in their hands, the companies associated with the project have every reason to go to court, since the arguments of the Polish side are far from flawless.” In particular, according to Belova, the following statements by UOKiK Chairman Tomasz Khrustna raise doubts: “The actions of 6 companies had a negative impact on competition in the natural gas market in Poland … The launch of Nord Stream 2 will jeopardize the continuity of natural gas supplies in Poland, it is also very likely that the price of raw materials will rise, which will burden Polish consumers. “

The emergence of a new route for Russian gas supplies, on the contrary, reduces the risk of interruption of imports to Poland, and the consistent decline in purchases of Russian gas by Poland in favor of American and other LNG rather indicates an increase in competition in the market., – emphasized the director of research at VYGON Consulting.

Recall that the Polish antimonopoly regulator UOKiK fined Gazprom $ 7.6 billion and demanded that the companies involved in the construction of Nord Stream 2 terminate the project financing agreements within 30 days. This decision was reported to by UOKiK.

Meanwhile, it should be added that until today Gazprom’s foreign partners in the Nord Stream 2 project have actively cooperated with this Polish agency. The only exception was Engie, which was fined $ 47 million in 2019.

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