Categories: Markets

Gazprom: Nord Stream 1 will not start up until Siemens replaces faulty equipment

Gazprom’s deputy director general, Vitaly Markelovdeclared on Tuesday that the Nord Stream 1 pipeline will not start until Siemens Energy replaces faulty equipment.

However, differences remain between Gazprom and the German company Siemens Energy over repair work on the Nord Stream 1 gas pipeline.

Earlier this week, Siemens said it had not been asked to do the work. The company has also pointed out that the sanctions do not prohibit maintenance.

Meanwhile, Citi Group Research quoted: “There appears to be a high probability that Nord Stream 1 exports will remain at zero for longer or at minimal levels, based on political considerations in both Russia and the West.”

Market reaction

The EUR/USD is paring gains after the aforementioned headlines, and is currently trading at 0.9950, up 0.24% on the day.

Source: Fx Street

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