SAINT PETERSBURG: The controversial Nord Stream 2 pipeline set to supply Europe with Russian gas via the Baltic is “past the point of no return” despite obstacles including the threat of US sanctions, the head of Gazprom said Friday.
“We are working from the idea that Nord Stream 2 will be realized strictly in accordance with the planned timetable,” Alexei Miller said at an annual shareholders meeting in Saint Petersburg.
This means the pipeline would be completed by the end of this year and in service from the start of 2020.
The €11-billion ($12-billion) energy link between Russia and Germany is to run under the Baltic Sea doubling Russian gas shipments to the EU’s biggest economy.
The final major hurdle to clear in the construction of Nord Stream 2 is obtaining an agreement from Denmark that the pipeline can cross its exclusive economic zone, situated outside its territorial waters.
But Miller said, “Work is going ahead. The project has been past the point of no return for some time already, there are no legal means whatsoever to stop the work.”
The building of the pipeline has sparked concerns about Western Europe’s increasing dependence on Russian gas.
It has also raised fears that Moscow will be able to increase pressure on Ukraine as Europe will be less reliant on the country for transiting supplies.
Delaying the opening of the pipeline would create serious difficulties.
Today the vast majority of Russian gas to Europe transits via Ukraine.
However the current transit deal between Kiev and Moscow expires at the end of 2019 and the estranged neighbors have not been able to come to a fresh agreement.
US President Donald Trump has meanwhile threatened to hit Nord Stream 2 and those tied to it with sanctions.
Nord Stream 2 ‘past point of no return’: Russia’s Gazprom
Nord Stream 2 ‘past point of no return’: Russia’s Gazprom
- The €11-billion energy link between Russia and Germany is to run under the Baltic Sea doubling Russian gas shipments to the EU’s biggest economy
- The final major hurdle to clear in the construction of Nord Stream 2 is obtaining an agreement from Denmark that the pipeline can cross its exclusive economic zone
Oman launches 2026–2030 SME plan as fiscal recovery strengthens
RIYADH: Oman has launched a five-year plan to expand its small and medium-sized enterprise sector, seeking to deepen private-sector growth as the sultanate consolidates recent fiscal gains and returns to investment-grade status.
The 2026–2030 SME Sector Implementation Plan, unveiled by the Small and Medium Enterprises Development Authority, or Riyada, aims to improve market access, boost SME competitiveness and raise the sector’s contribution to the economy, according to the Oman News Agency.
The plan supports innovation and entrepreneurship while promoting the transition to a knowledge-based economy, the Oman News Agency reported.
The initiative forms part of Oman Vision 2040 and the Eleventh Five-Year Development Plan, which prioritize private-sector expansion, diversification and job creation.
The launch follows Fitch Ratings’ decision earlier this month to upgrade Oman to investment-grade status, raising the country’s long-term foreign-currency rating to BBB- from BB+. Fitch cited stronger public finances, a sharper reduction in government debt and an improved external position.
“The implementation plan is based on several key strategic pillars, most notably: market access and value chains, financing and investment, enhancing local content, and developing a culture of entrepreneurship, skills, and innovation,” the ONA report stated.
It added: “These pillars were developed through a participatory approach with contributions from several government and private entities supporting the SME sector, and are based on studies, benchmarking, and international best practices.”
The plan also includes a package of specialized programs and initiatives targeting different stages of SME growth. These include measures to improve readiness for expansion and exports, integrated financing programs, initiatives supporting handicrafts and the creative economy, and the development of a network of entrepreneurship centers across Oman’s governorates.
Riyada said implementation of the plan would help strengthen the sustainability of SMEs, create quality job opportunities and empower entrepreneurs to build viable and scalable businesses, enhancing the competitiveness of the national economy.
Oman has made significant progress in strengthening fiscal discipline, reducing government debt to around 36 percent of GDP in 2025, down from about 68 percent in 2020.
With the outlook remaining stable, Fitch expects the budget deficit to remain at a manageable level of around 1 percent of GDP in 2026 and 2027, assuming an average Brent crude price of $63 per barrel. The fiscal breakeven oil price is estimated at around $67 per barrel over the same period.
