5/15, 5:25 PM (Source: TeleTrader)
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Chart for: OMV AG

Austria's Van der Bellen: No plans to quit Nord Stream 2

Austrian President Alexander Van der Bellen stated following talks with Russian President Vladimir Putin in Sochi on Wednesday that his country and oil and gas company OMV have no plans to quit the Nord Stream 2 gas pipeline project despite pressure coming from the United States.

At the same time, Putin said that Austria does not need nuclear weapons or great territory to defend its national interests against US pressure, but requires "political will."

The Nord Stream 2 project includes the construction of two additional lines in order to double the capacity of an already existing pipeline to 110 billion meters. The original Nord Stream pipeline began operating in November 2011 and is used to transport gas from Russia's Vyborg to Greifswald in Germany. However, the plan is opposed by the US and a number of Eastern European countries, who argue that the project will increase Russia's influence in the region.

Breaking the News / FH