Gazprom and Shell Agree to Build New Oil Pipelines

Russia’s Gazprom, the world’s top gas producer, plans to build two new Nord Stream gas pipelines under the Baltic Sea to Germany. Gazprom chief executive Alexei Miller revealed the plans to coordinate with Germany’s E.On and other European oil companies on the project in an exclusive interview with Reuters on Thursday.

Miller said Gazprom aims at “creating a global strategic partnership” with this newest deal. He hopes an agreement could be signed as soon as next year. Russia’s economy has been crippled by Western sanctions. However, Gazprom is only sanctioned by the U.S., meaning they’re free to form partnerships with European counterparts.

The expansion of the gas link between Russia and Germany could bring the two countries closer together politically.