Back to the complete issue
Thursday, 4 August 2022

Gazprom doesn’t look like it’s about to increase gas flows to Germany

Germany accuses Russia of stalling the return of normal gas flows to the country: The malfunctioning turbine that Russia has blamed for its reduced flows to Germany through its key Nord Stream 1 pipeline has been serviced in Canada and is now stranded in Germany, with German Chancellor Olaf Scholz saying yesterday there was no reason for Moscow to hold up its return. Gazprom has blamed sanctions for the disruption and yesterday said that delivery was “impossible,” raising fears that the company will not increase flows as winter approaches. Reuters and the Financial Times have more.

Gazprom cut gas flows through the Nord Stream 1 pipeline to just 20% of capacity last month, sparking fears of recession for the German economy and an intensifying energy crisis across Europe. Gazprom has blamed technical issues for the cuts but EU officials have claimed that the cuts are politically motivated.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.