September 19, 2017 / 11:16 AM / a year ago

Saipem CEO sees work on Nord Stream II going ahead if conditions right

MILAN (Reuters) - The Nord Stream II pipeline project will go ahead if conditions are right but sanctions may impact on work, the chief executive of Italian oil services group Saipem (SPMI.MI) said on Tuesday.

A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa's harbour, Italy, November 19, 2015. REUTERS/Alessandro Garofalo

Nord Stream II, led by Russian gas giant Gazprom, aims to increase Russian natural gas exports to Europe by doubling the amount of gas Russia sends to Germany under the Baltic Sea.

Saipem in August was awarded a contract to build the last section of the pipeline.

“There are discussions ongoing; for now we’ve been given a piece of the project and will go through with it if the conditions are right,” Cao told journalists on the sidelines of an event in Milan.

He added that sanctions the United States imposed against Russia could “have an immediate impact on our work”.

Cao also said that Saipem was only conducting a feasibility study on Rosneft’s chemical plant for now, but that anything could happen in future.

The company is also on track with its new order book target of $4 billion for the near term future, he added.

Reporting by Giancarlo Navach, writing by Agnieszka Flak; editing by Valentina Za

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