Germany’s vice chancellor made a public plea to the Canadian government to release a turbine that’s caught up in sanctions against Russia and critical for gas flows to Europe.
Economy Minister Robert Habeck told Bloomberg that the turbine for the Nord Stream 1 pipeline needs to be returned before maintenance work begins on Monday. Releasing the component would remove an excuse for Russian President Vladimir Putin to keep the conduit closed.
“We need capacities in Nord Stream 1 to fill up our storage,” said Habeck. “Filled storage capacities in Germany are not only important for the German market, but as well for the European market and for the security of supply in Europe.” The turbine, built in Canada by Siemens Energy AG, was sent to Montreal for repairs but became stranded due to sanctions on Russia’s oil and gas industry announced by Prime Minister Justin Trudeau’s government last month. Acknowledging the legal bind created by the Canadian sanctions, the vice chancellor proposed a workaround.
“We will not stop imposing severe costs on the Putin regime while their unjustifiable invasion is ongoing,” Ian Cameron, a spokesman for Natural Resources Minister Jonathan Wilkinson, said by email. “We will continue to support our European friends and allies by working to help stabilize energy markets and to develop long-term and sustainable solutions on energy supplies.”
“If we want to take this road of excuses away from him, I’m calling on the Canadian government not to wait too long and make the decision before the maintenance period starts,” Habeck said. “Otherwise I’m quite sure that Putin will find a political problem in the pipeline.” Other turbines are still in Russia, but Gazprom has said not all of them are working. The energy giant cited orders from the state safety regulator to stop using equipment that’s due for regular maintenance.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Germany pleads with Canada to release Russian turbine critical for gas flowsThe turbine, built in Canada by Siemens Energy AG, was sent to Montreal for repairs but became stranded due to sanctions on Russia
Read more »
Air Canada, Pearson again rank No. 1 in delays worldwide - BNN BloombergAir Canada and Toronto's Pearson airport again claimed the top spots for flight delays on Tuesday, marking at least four days in a row where the country's biggest airline has placed No. 1 of any large carrier worldwide.
Read more »
Bank of Canada's rapid rate hikes likely to cause a recession, study finds - BNN BloombergThe Bank of Canada's strategy of rapidly increasing its key interest rate in an effort to tackle skyrocketing inflation will likely trigger a recession, a new study from the Canadian Centre for Policy Alternatives (CCPA) says.
Read more »
Adele license fees to help fund US$335M of bonds - BNN BloombergInvestors bet on the popularity of music from artists ranging from Adele to Neil Diamond to Rosanne Cash as they bought up bonds backed by licensing their catalogues.
Read more »
Tech helps stocks pare losses; Bonds rally - BNN BloombergU.S. stocks came off session lows, buoyed by gains in technology companies, though sentiment remains sour as recession fears continue to grip the market. Treasuries gained and oil tumbled.
Read more »
Air Canada shares 'compelling' despite turmoil: Analyst - BNN BloombergNotwithstanding chaos in airports, economic uncertainty, and the threat of ever-higher fuel prices, the outlook for Air Canada shares is still attractive, an industry analyst told clients Wednesday.
Read more »