Austrian OMV Says Remains Committed To Nord Stream 2 Despite US Sanctions

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Austrian OMV Says Remains Committed to Nord Stream 2 Despite US Sanctions

The Austrian oil and gas company OMV remains committed to the Nord Stream gas pipeline project despite Washington's sanctions, OMV CEO Rainer Seele said on Thursday, adding that it is too early to speak about any possible investment return

MOSCOW (UrduPoint News / Sputnik - 29th October, 2020) The Austrian oil and gas company OMV remains committed to the Nord Stream gas pipeline project despite Washington's sanctions, OMV CEO Rainer Seele said on Thursday, adding that it is too early to speak about any possible investment return.

On Tuesday, the US State Department broadened the scope of its sanctions on the Nord Stream 2 project, as Washington will now be able to target companies that provide services or funding for vessels working on the pipeline project. Russia has criticized the US for imposing another set of sanctions on the project, saying that it exemplifies Washington's desire for unfair competition.

Speaking at an online press conference, Seele said that OMV remained committed to the project, as it was of great importance for the European gas market and the German company, in particular.

According to the CEO, it is too early to speculate about any investment return, as OMV has fulfilled its obligations under the agreement with Gazprom on financing the project and now can only wait to see if and when the work on pipe-laying will continue.

OMV has invested about 730 million Euros ($854 million) in the project, Seele added.