Russia's Gazprom announced that gas flows via the Nord Stream 1 pipeline will be stopped from August 31 until September 3 due to maintenance. Maintenance is on the only gas compressor unit remaining in operation. Upon completion, gas transportation will be restored to the level of 33 million cubic meters per day, or 20% of the pipeline’s maximum capacity.
Gazprom confirmed it had cut off off gas supplies to French utilities company Engie that has failed to pay for July gas deliveries in full. Engie maintained it “had already secured the volumes necessary to meet its commitments towards its customers and its own requirements.
Gazprom made a record 2.5 trillion roubles ($41.75 billion) in net profit in the first half of 2022 and its board recommended paying interim dividends.
Background:
Ongoing problems for servicing Gazprom's gas turbines for Nord Stream 1 by Germany's Siemens.
Electricity and natural gas futures contracts in Europe trade at record highs.
