Nord Stream-2 against Ukraine. What Zelensky and Merkel agreed on
July 15, 2021, 3:01 pm

Nord Stream-2

The negotiations between Ukrainian President Volodymyr Zelensky and German Chancellor Angela Merkel ended in Berlin on Tuesday.

Construction of Nord Stream-2 may be completed in August. In September 2021, Angela Merkel will step down as head of the German government.

The Ukrainian side sought to achieve in Berlin a few fundamental things, focused on the future.

First, that Nord Stream 2 should be recognized by Germany as a security issue for Ukraine and Europe, and not just an economic project of the energy giants.

Secondly, that the consequences of launching this controversial gas in the discussion in the "Norman format".

Third, the Ukrainian delegation convinced its German counterparts that the Ukrainian GTS remains an attractive business project for Europe, even if "Nord Stream-2" becomes operational from 2022.

Disappointment or warranty

Angela Merkel believes that Ukraine should remain transit of gas even after the construction of the Nord Stream-2 gas pipeline.

By 2024, Russia has pledged to transport its gas through the Ukrainian territory. This year, it is converted to transit 40 billion cubic meters of gas.

According to various estimates, after the launch of Nord Stream-2, transit through Ukrainian territory may be reduced by 40-80%.

The current gas agreement between Ukraine and Russia was signed in December 2019 with the mediation of the European Commission and with the assistance of Germany. This time, Zelensky admitted in Berlin that such assistance is not enough when it comes to the possibility of losing the lion's share of transit after the launch of another pipeline.

"We have few such guarantees, because the subjects of the negotiations are the Russian Federation. If we are talking about energy security, then we must have guarantees from the European Union, guarantees from Germany and France," the president said.

At a joint press conference with him, Angela Merkel assured that the guarantees will be: "We will achieve this. We promised it. I keep my promises. And this applies to every German chancellor."

On July 15, German leader will meet with American President Joe Biden in Washington. In negotiations with Ukrainians, she promised to work out guarantees in conjunction with the United States. It also noted that the energy can be discussed in the Normandy fields, but the Minsk agreements do not include the issues of Nord Stream-2.

The current US administration has removed sanctions against the North Stream-2 operator company Nord Stream 2 AG and its Matthias Varnig's expectations in May this year, motivating this need to improve the relations with the EU and Germany. Merkel

"There are risks that Ukraine will be disconnected from gas, gas transit and gas in general. Therefore, the temporarily occupied territory of Donbass may not receive gas, and this is a question of security guarantees in those territories that all participants of the Normandy format took it upon themselves",- Zelensky said on a conference.

"Attractive business case"

At the talks in Berlin, the Ukrainian delegation assured that Ukraine has something that the Russians do not have. This is the operational flexibility of the Ukrainian system of gas pipelines and gas storage facilities, reliability and compliance with the requirements of EU energy legislation.

Ukraine's largest gas storage facilities are located on its western borders, which allows for a rapid increase in gas pumping to Europe. In addition, the Ukrainian GTS transports gas for both export and domestic consumption, which also allows for a rapid increase in supplies to European countries.

Russian transit gas pipelines: Nord Stream-1 and Nord Stream-2 run along the seabed and do not have such flexibility. They need more time to maneuver with supply volumes.

In case of partial or complete refusal of Ukrainian transit, problems with gas supplies will also arise in Poland, Slovakia and Italy. Ukraine has potential allies in countering Nord Stream-2. Merkel

In addition, the German elections in September may give Ukraine hope after many disappointments. levant

by: Tetiana Bazanova levant

Racism Must Always Be Fought Systematically, Not Just Verbally! Ukraine in the eyes of Putin; it doesn't exist and it is united with Russia

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.