Putin: Europe needs Nord Stream 2 as its gas demands rising

On August 22 Russian President Vladimir Putin said on that Europe's market needs the Nord Stream 2 project as gas consumption is on the rise and the continent's reserves are being depleted. The comment came during the press conference on the results of the talks between the president and his Finnish counterpart Sauli Niinisto, Sputnik reported.

"The key point here is that [gas] consumption is rising and Europe is no exception. Gazprom alone increased its supplies to Europe by 13%. At the same time, gas reserves in European countries, Norway, the UK, are being depleted," Putin said.

Putin also noted that Russia is "the most optimal supplier" of gas to Europe, given the amounts needed and the distance from source to recipient. He also added that Russia is ready for competition on the European gas market.

"We are ready to compete with everyone. We hope for fair competition within the framework of existing international legal norms," Putin said.