The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Construction work on the Nord Stream 2 gas pipeline in the Baltic Sea will resume this week, despite US sanctions designed to end the pipeline that will bring Russian gas to Germany.
Pipelaying on the 9.5 billion-euro ($11.2 billion) link will restart on December 5 after being halted for a year because of the sanctions, Nord Stream 2 company spokesman Jens Mueller said by email. Work on the 1,230-kilometre (764-mile) pipeline stopped last December when the Trump administration added measures against companies working on the link.
German companies and Chancellor Angela Merkel are bridling against America’s interference, and the Western companies set to reap rewards once gas starts flowing have vowed to move ahead. US President Donald Trump has opposed the project, which he says will increase European dependence on Russian energy supplies.
So far, none of Nord Stream 2’s financial backers have pulled out despite escalating anger from the US OMV along with Royal Dutch Shell Plc, Uniper SE, Engie
SA and Wintershall
AG helped finance the project.