Nord Stream 2 is the only hope for gas diversification in Europe – Region, 24 June 2016

CEO of Austrian OMV Group Rainer Seele said at the international conference organized by the Russian Gas Association that Nord Stream 2 gas pipeline project is the only hope for gas diversification in Europe.
Seele explained that other pipeline projects like South Stream are abandoned and currently the only gas pipeline project with the high probability of being built is Nord Stream 2. According to him, the investors are confident in the economic viability of this project and OMV Group and other companies that are backing the project are responsible for energy security in Europe as far as gas supply routes are concerned. Currently, energy security depends entirely on gas transit from Russia via Ukraine and Slovakia. Thus, gas prices are about 10 % higher and he believes that gas supplied via Nord Stream 2 will be more competitive, which is all that matters for end consumers. Seele added that OMV Group, which is one the shareholders in Nord Stream 2 project, is prepared to invest about one billion euros in this project worth some 10 billion euros.

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