US to compete with Russia for European gas market

US to compete with Russia for European gas market

US President Donald Trump has announced that the US will compete with Russia to supply gas to the European gas market, as he eased his stance on Nord Stream 2 following the recent Helsinki summit where Trump and his Russian counterpart held one on one discussions.

“We are going to be selling LNG and will have to be competing with the pipeline and I think we’ll compete successfully,” he said.

“I’m not sure necessarily that it’s in the best interest of Germany or not but that was the decision that they made.”

Earlier this week, Trump condemned Germany’s eagerness to build the $11 billion pipeline that the president said would drastically increase Europe’s reliance on Russia for its gas supply.

Last year Trump signed a law that allows him to sanction companies involved in the Nord Stream 2 project. Royal Dutch Shell, Engie SA and Uniper SE are amongst many companies that could face penalties as a result of providing funding for the project.

Meanwhile, Putin has stated that he sees an opportunity for the US and Russia to cooperate within the energy sector.

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