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03:26

Germany: Nord Stream 2 has 'great potential' as Europe 'needs more natural gas' - Altmaier

Germany, Berlin
February 18, 2020 at 16:00 GMT +00:00 · Published

German Economic Minister Peter Altmaier said Berlin sees "great potential" for German-Russian energy and gas cooperation while speaking at a conference in Berlin on Tuesday, organised by the German Chamber of Commerce with Russian Minister of Industry and Trade Denis Manturov in attendance.

"We experience a big transformation in Europe at the moment towards a carbon dioxide free, carbon dioxide neutral economy," Altmaier said, adding "In this context, we will need more, not less natural gas in the upcoming years."

He continued: "With the shutdown of the nuclear power plants and the closure of the coal mining plants, the demand for natural gas will grow. This is also the reason for the justification of the Nord Stream 2 project."

Manturov praised bilateral relations while stressing that despite sanctions, the amount of German investments in Russia "has increased one and a half times in the last four years and exceeded 20 billion dollars." The Russian side is "very interested in the fact that foreign, including German, businessmen feel comfortable in the Russian market," he added.

03:26
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German Economic Minister Peter Altmaier said Berlin sees "great potential" for German-Russian energy and gas cooperation while speaking at a conference in Berlin on Tuesday, organised by the German Chamber of Commerce with Russian Minister of Industry and Trade Denis Manturov in attendance.

"We experience a big transformation in Europe at the moment towards a carbon dioxide free, carbon dioxide neutral economy," Altmaier said, adding "In this context, we will need more, not less natural gas in the upcoming years."

He continued: "With the shutdown of the nuclear power plants and the closure of the coal mining plants, the demand for natural gas will grow. This is also the reason for the justification of the Nord Stream 2 project."

Manturov praised bilateral relations while stressing that despite sanctions, the amount of German investments in Russia "has increased one and a half times in the last four years and exceeded 20 billion dollars." The Russian side is "very interested in the fact that foreign, including German, businessmen feel comfortable in the Russian market," he added.

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