Gryazovets–Vyborg gas pipeline

Russian President Vladimir Putin said on Oct. 12 that Russia could increase the capacity of its gas exports to Turkey and eventually turn into a hub for gas supplies to Europe.

Moscow is ready to resume gas supplies to Europe via a link of the Germany-bound Nord Stream 2 pipeline under the Baltic Sea.

Natural gas in Europe rose almost 30% in morning trading, the first day since Russia announced it would indefinitely suspend one of its main pipelines to the EU, Nord Stream 1.

The price of natural gas on the Dutch exchange TTF reached 341 euros per megawatt hour yesterday, and electricity supply contracts in Germany and France broke all records. Against this background, the Czech Presidency of the European Union announced that it is preparing an extraordinary meeting of energy ministers.

According to data from the London Stock Exchange ICE, natural gas prices on the European market crossed the $3,000 mark for 1,000 cubic meters for the first time since the beginning of March.

The price of gas on the spot market in Europe rose to 261 euros per megawatt hour after Gazprom announced that it would temporarily stop the supply of blue fuel through the Nord Stream 1 pipeline.

Denmark approves Nord Stream 2 ″. The Danish Energy Agency has approved Nord Stream 2 AG to build the Nord Stream 2 gas pipeline across the continental shelf of Denmark southeast of Bornholm in the Baltic Sea, says in a statement.

The agency estimates that this route is the safest and meets environmental standards.

The pipe installation for Nord Stream 2 began in German Lubmin in Bay of Greifswald, as Detsche Welle reported.

According to the news agency, the laybarge Castro 10 began the works at the ground expansion station on the night of July 25.

Germany has approved the construction and operation of the Russia-built Nord Stream 2 gas pipeline, its operator and the German maritime authority said on March 27.

Gazprom's investments in gas midstream will grow by 6.8 percent year-on-year to 911.2 billion rubles ($15.3 billion), including the Turkish Stream project, the Russian gas holding said on Jan. 19, as reported by TASS. 

Investments in the Turkish Stream project will total 42 billion rubles ($702.7 million) in 2017, according to the report.