Russian gas flows via the Nord Stream 1 pipeline are likely to restart on time on Thursday after the completion of scheduled maintenance but at lower than its full capacity, two Russian sources familiar with the export plans told Reuters.
The pipeline, which accounts for more than a third of Russian natural gas exports to the European Union, was halted for ten days of annual maintenance on July 11.
The Russian sources, speaking on condition of anonymity because of the sensitivity of the issue, told Reuters the pipeline was expected to resume operation on time, but at less than its capacity of some 160 million cubic metres (mcm) per day.
Kremlin-controlled energy giant Gazprom, cut gas exports through the route to 40% capacity last month, citing delays in the return of a turbine Siemens Energy was servicing in Canada.
“They (Gazprom) will return to the levels seen before July 11,” one of the sources said of the gas volumes expected via Nord Stream 1 from Thursday.
The benchmark Dutch front-month contract fell following the Reuters’ report that flows will resume on Thursday.
Earlier in the day, the contract traded higher after the Wall Street Journal reported that the European Commision did not expect the pipeline to restart after the maintenance.
Gazprom and Nord Stream 1 did not reply to requests for comment on Tuesday. In the past, Gazprom has restarted Nord Stream on schedule after maintenance.
Russian President Vladimir Putin said on Wednesday that the capacity of Nord Stream 1 could be reduced due to problems with other pumping units, one of which would need to be sent for maintenance on July 26.
