Gazprom and OMV agree to develop Nord Stream 2 for German gas exports
What happened
Gazprom and OMV signed an agreement to develop Nord Stream 2 and push for gas exports to Germany. In 2015, Ben van Beurden, then chief executive of Royal Dutch Shell, joined Gazprom chairman Alexey Miller and four other European energy companies to sign the agreement.
Why it matters
The proposed pipelines were intended to double the capacity of the existing Baltic Sea route for Russian gas exports to Germany. The project quickly became a major geopolitical controversy, prompting the European Parliament to raise concerns about energy dependence and security.
Nord Stream 2 AG is currently seeking to annul the European Union's gas ban.
Who's involved
- GazpromRussian oil and gas company involved in the agreement to develop the pipeline.
- OMVAustrian petrochemical company that joined the agreement with Gazprom.
- Ben van BeurdenDutch chief executive of Royal Dutch Shell who joined the agreement in 2015.
- Alexey MillerRussian businessman and chairman of Gazprom who signed the agreement.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GazpromSpeculative
Gazprom might secure a major export route and partnership, affecting its core business revenue.
- OMVSpeculative
OMV could secure a stake in the export route, potentially increasing its revenue from the project.
- European CommissionSpeculative
The European Commission might face challenges to its energy security strategy and regulatory oversight.
- European CouncilSpeculative
The European Council could be forced to coordinate difficult policy decisions regarding EU energy security.