The Nord Stream 2 pipeline in Russia. Credit: © Nord Stream 2 / Igor Kuznetsov.

Russian Energy Ministry is reportedly preparing a report on the possibility of natural gas export via the new Nord Stream 2 pipeline by Rosneft to Europe.

The report is due to be completed in the coming days, Russian news agency Interfax reported citing Russian Deputy Prime Minister Alexander Novak.

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Following Rosneft’s request for permission for gas export via the Nord Stream 2 pipeline, the government started a review into the request, Novak told the news agency earlier this month.

To capitalise on the lucrative gas exports, Rosneft and its shareholder, BP, have been keen on gas export via pipeline to the European countries.

Currently, state-owned energy giant Gazprom has a monopoly on pipeline gas exports from Russia. It owns the Nord Stream 2 project, which has the capacity to deliver 55 billion cubic metres (bcm) of gas a year.

Gazprom recently announced the completion of construction on the Nord Stream 2 pipeline, which was built with an investment of $11.2bn (€9.5bn).

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The project originates from eastern Russia and passes through Finnish, Swedish and Danish waters before terminating near the German coast of the Baltic Sea.

However, the commissioning of the pipeline is subject to the approval of Germany’s regulator. This approval is expected to take up to four months, according to Interfax.

Commenting on the pipeline project, Kremlin Press Secretary Dmitry Sergeyevich Peskov told reporters that the pipeline’s rapid start-up would help cap higher gas prices in Europe.

Peskov added: “Undoubtedly, the quickest launch of Nord Stream 2 would significantly balance out the pricing parameters of natural gas in Europe, including on the spot market. That’s obvious. The demand is high.”