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EUROPEAN RELIANCE GENERAL INSURANCE COMPANY S.A.

(EUPIC)
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Nord Stream 2 to start work on filling pipeline on Friday

06/10/2021 | 11:46am EDT

MOSCOW, June 10 (Reuters) - Russia's Nord Stream 2 gas project will start preparations on Friday to fill the first of two pipelines with natural gas within a few months, the Gazprom-led project said on Thursday.

Nord Stream 2, which runs on the bed of the Baltic Sea from Russia to Germany, bypassing Ukraine, has faced criticism from the United States, which says it will increase European reliance on Russian gas.

"Starting from tomorrow, the required pre-commissioning activities will be carried out over the next months to prepare for gas-in," Nord Stream 2 said in a statement.

Russian President Vladimir Putin said last week the project was ready to start pumping gas to Germany and the final stretch would be completed as the new U.S. administration seeks good relations with "key partners in Europe."

Nord Stream 2 said on Thursday works on the second pipeline were still underway. Putin said last week Russia was set to finish the second pipeline within two months.

"All activities are in accordance with the respective permits," Nord Stream 2 said.

Once Nord Stream 2 is finished, it will double the existing route's annual volume to 110 billion cubic metres. (Reporting by Vladimir Soldatkin; Writing by Andrey Ostroukh; Editing by Edmund Blair and Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EUROPEAN RELIANCE GENERAL INSURANCE COMPANY S.A. 0.00% 5.08 Delayed Quote.6.05%
GAZPROM 1.85% 275.75 End-of-day quote.29.65%
S&P GSCI NATURAL GAS INDEX 2.23% 156.9436 Delayed Quote.29.07%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.16% 72.7393 Delayed Quote.-1.01%
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Financials
Sales 2020 223 M 266 M 266 M
Net income 2020 18,5 M 22,1 M 22,1 M
Net cash 2020 16,8 M 20,0 M 20,0 M
P/E ratio 2020 6,98x
Yield 2020 6,05%
Capitalization 135 M 161 M 161 M
EV / Sales 2019 0,57x
EV / Sales 2020 0,50x
Nbr of Employees 1 073
Free-Float 38,3%
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Managers and Directors
NameTitle
Christos I. Georgakopoulos Chief Executive Officer & Executive Director
Stefanos I. Verzovitis Vice Chairman & Chief Financial Officer
Nicolas X. Chalkiopoulos Chairman
Chrysoula Anagnostopoulou Director-Information Technology Department
Katerina Papadopoulou Chief Compliance Officer
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