Nord Stream 2 a 'German Tragedy': Trump
Nord Stream 2 is a tragedy, the US president Donald Trump told reporters at a July 13 press conference held jointly with Theresa May at the UK prime minister's country residence. He said it was "horrific" to see the billions of dollars flowing "primarily from Germany" into Russia's coffers when "we are trying to bring peace."
German companies comprise 40% of the western funding, with two companies backing the 55bn m³/yr project: BASF and Uniper. The other three are French (Engie), Austrian (OMV) and Anglo-Dutch (Shell). The five together are jointly providing financing and guarantees for about 10% of the NS2's total expected cost of €9.5bn ($10.3bn).
Trump said much though he liked Angela Merkel, the German chancellor, it was not possible to argue from a position of strength when Germany was so dependent on Russian energy. Again he said that Germany depended on Russia for 70% of its energy, although Russian gas does not meet that percentage of Germany's needs - and may not in the future. "It is bad for Germany and bad for Nato," he said.
Two days ago Trump accused Germany of falling captive to Russia and its gas supplies.
May said that the UK would discuss NS2 with other European Union members, reminding the press that the UK would still be part of the bloc until March 29, 2019. The European Commission is hosting a three-way meeting July 19 with Ukrainian and Russian energy officials to discuss the way ahead for Russian gas flows through Ukraine.
Trump is to meet Russian president Vladimir Putin in Helsinki July 16, where he will discuss Ukraine and other issues of mutual concern, he said.
US 'rejects' French waiver request
Earlier on July 13, French newspaper Le Figaro carried an interview by France's finance minister Bruno Le Maire in which he said that the US Treasury Secretary Steve Mnuchin had rejected a request for French companies to have a waiver from US sanctions against Iran; the announcement means Total is now almost certain to pull out of its multi-billion South Pars phase 11 gas project and hand over its equity stake to Chinese partner CNPC. Total has so far not responded to NGW, although already on May 16 had said it would exit South Pars, where so far it has invested just $40mn, if not granted a US waiver.