Gazprom pump $1.9bn into Nord Stream as exports to Germany hit record high

Gazprom underlined its determination to go ahead with the construction of the controversial Nord Stream 2 gas pipeline this week with the announcement that it is planning to invest $1.9bn in the project over the course of the next 12 months. 

With net profits for the first three quarters of 2016 showing a year-on-year increase of 7%, the Russian gas giant also confirmed that intends to invest another $2.8bn and $700m in its Power of Siberia and Turkish Stream pipelines respectively as part of an overall corporate investment programme totalling more than $15bn.

Gazprom executives are clearly in a bullish mood after posting the company’s Q3 financial statements which showed that gas exports had risen year-on-year in volume terms from 125.3bn 160.9 bcm (an increase of 28%) although the rouble’s weakness had helped depress yields; and they will have been further emboldened more