natural gas
© Reuters
The European Union needs a reliable source of natural gas, and Russian state company Gazprom's Nord Stream 2 pipeline project is what Europe needs, according to an executive of Austria's oil and gas company, OMV.

"Security of gas supply is crucial, and Gazprom brings it," said OMV's member of the executive board Manfred Leitner speaking before the European Gas Conference in Vienna on Tuesday.

"It means gas to heat houses, schools, hospitals and for European energy. The gas comes safely and at an affordable price," Leitner said.

Leitner urged to stop being skeptical about Russia, given that the European gas production has been declining.

"If you look to Russia, they have the largest natural gas reserves in the world. In order to gain security of supply we have a chance to be directly linked to the biggest reserves of gas," he said.

He added that, "obviously cyclical connection to these gas reserves is through the Nord Stream 2."

Russia plans to build the Nord Stream 2 pipeline under the Baltic Sea to Germany and double the existing pipeline's capacity of 55 billion cubic meters per year.