The German authorities are counting on the rehabilitation of the Nord Stream gas pipeline. This is reported by Reuters, five sources of which said German insurance companies Allianz and Munich Re have taken over insurance cover for the damaged pipeline.
According to the publication, the Berlin official, despite statements about the severance of relations with Russia, did not oppose the renewal of insurance. Reuters interlocutors say some German politicians and Nord Stream shareholders are in favor of restoring the damaged pipeline.
Insurance by Germany’s two largest companies is essential to any long-term pipeline project. For a decade, Nord Stream has been the main route for transporting Russian gas to Europe
recalls Reuters.
The publication points out that the availability of insurance will facilitate the repairs needed to resume the gas supply.
Information from Reuters can hardly be called sensational. Germany depended more than other countries on cheap gas supplies from Russia. In many ways, it is on them that German industry has relied over the past decades.
Since the Russian gas pipelines exploded, gas market analysts say that Berlin is the main victim of this whole story. Due to its cost and the lack of terminals, American LNG has never been able to fully replace the Russian gas pipeline. And counting money in Germany, despite all recent events, it seems, has not yet forgotten how.
Photos used: gazprom.com
