LNG

Gazprom, the main supplier of pipeline natural gas to Germany, has cut supply volumes through the Nord Stream 1 pipeline by another third, after an initial reduction on June 14 and has also cut flows to Austria and Italy.

The Nord Stream II natural gas pipeline project, which will bring Russian gas to northern Germany and the European Union in competition to LNG and backed by leading Europe-based energy companies such as Royal Dutch Shell, has formally resumed pipe-laying in German waters after being given a sanctions waiver by the current US Administration.