Gazprom has reduced gas flows through Nord Stream by 40%

RUSSIA ENERGY / FINANCE - In Brief 14 Jun 2022 by Marcel Salikhov
Gazprom stated today that the company will reduce gas flows through the Nord Stream (NS) pipeline due to Siemens' delayed servicing compressors at the Portovaya station. Siemens did not return several gas pumping units after repair in Canada, so only three such units can operate currently. Canada recognized these devices as dual-use products since they were created on the basis of an aircraft turbine. Therefore, it is unclear whether and when they will return. The planned volume of flows was set to 167 mcm/day, but at the moment it will drop by 40% to 100 mcm/day. Each month of delay will reduct Gazprom of the opportunity to export to ~1.5-1.7 bcm. Gazprom has limited options to supply natural gas to the European market. The Yamal-Europe route (35 bcm/year, 90 mcm/day) is not operating due to sanctions from Poland and Russian countersanctions. The transit agreement allows to export 109 mcm/day through Ukraine but only 40 mcm/day is used. The loss of some routes and a long-term decrease in the capacity of NS2 could limit Gazprom's overall capacity to the EU at ~62-67 bcm/year. Theoretically, it is possible to launch Nord Stream 2. But today it is already politically unacceptable for the EU side.

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