The strategic gas pipeline Nort Stream 2

The construction of a Russian undersea gas pipeline to Europe may start as soon as this summer, even without Denmark’s permission, as it could run through international waters, according to Nord Stream 2 CFO Paul Corcoran.

“We are planning to start this summer,” Corcoran told journalists on the sidelines of the World Gas Conference in Washington. “If Denmark doesn’t approve construction and operation in its territorial waters, we’ll have to run the pipeline through transboundary waters north of the country.”

Nord Stream 2's top manager added that the company hasn’t filed an application for building the pipeline in multinational waters yet, as Denmark hasn’t issued the refusal so far. The construction works are currently running to plan, according to Corcoran.Earlier this year, Danish Prime Minister Lars Lokke Rasmussen said that Denmark was not able to prevent the Russian-led Nord Stream 2 gas pipeline project from being implemented, but could slow down the construction works. The country pledged to pass a law that would ultimately allow it to block or postpone the implementation of the Nord Stream-2 project on legal grounds. Copenhagen is reportedly under considerable pressure from Washington.

“We have received 96 percent of pipes with 55 percent of them were concreted. We have also deployed ships. We are in compliance with the schedule,” he said, stressing that the company is currently in talks on granting financial guarantees for up to five billion dollars.

“We’re negotiating financial guarantees with six export agencies – German Hermes, Italian SACE, Austria’s OeKB, Netherlands’ Atradius, Belgian Credendo and Russia’s EXIAR,” Corcoran said. “We hope to get financial guarantees from the export agencies and start negotiating with banks to raise project funding at the end of the year, or in early 2019.”

From Russia Today