LNG

The Danish Energy Agency has offered the Nord Stream AG company the chance to participate in the salvage of an observed object near the sabotaged pipelines under the Baltic Sea that were put out of operation by unexplained explosions in September 2022 and led to the Germans adopting LNG as a replacement fuel.

The bankruptcy procedure for Nord Stream II AG, the Swiss-based operator of the Nord Stream II gas pipeline from Russia to Germany under the Baltic Sea, was extended by six more months until July 2023, according to the Swiss Official Gazette of Commerce.

European natural gas and LNG markets entered a strongly priced November cycle as liftings from export plants were lower and spot charter prices much higher while North Asian spot LNG prices followed behind Europe’s increased demand as Nord Stream options destroyed.

German Foreign Minister Annalena Baerbock will meet on Tuesday, January 18, with her Russian counterpart Sergey Lavrov where the delayed Nord Stream II project to provide more Gazprom natural gas supplies to Germany will be top of the agenda and any decisions will affect future LNG and pipeline gas demand in the European Union for 2022.

European pipeline natural gas and LNG prices are set to stay high into 2022 and jumped by as much as $4.70 per million British thermal units after Germany’s energy regulator, the Bundesnetzagentur, suspended the procedure to certify the Gazprom-led Nord Stream II natural gas pipeline under the Baltic Sea from Russia to Germany.

Nord Stream AG, the Swiss-based owner of the Nord Stream I pipeline flowing to the European Union in competition to LNG markets, said 10 days of maintenance had been successfully completed on its twin lines as Gazprom spoke out in support of Nord Stream II, set to be completed by the end of August.