Gas transactions with Russia
Averted bankruptcy: Nord Stream 2 AG can continue
The highly indebted Russian pipeline operator Nord Stream 2 can continue to search for new investors. The impending bankruptcy was averted again. It is already speculated about interested parties.
The highly indebted Russian Pipeline operator Nord Stream 2 AG can continue to search for a new investor: The court in the Swiss canton of Zug has approved the legacy contract, which makes the renovation possible through a debt section. Otherwise, according to Swiss law, the bankruptcy would have been imposed – which corresponds to a German bankruptcy proceedings. Nord Stream 2 belongs to the Russian state company Gazprom and is based in the canton of Zug.
Large believers such as the Western European energy companies Engie, OMV, Shell, Uniper and Wintershall agreed on April 30 on a legacy contract, as the court announced. Because there can still be a complaint, there are no further information.
The major believers may have accepted considerable discounts on their investments. They had invested billions of billions. Two and a half years were wrestled for the estate contract. The construction of the pipeline cost just under ten billion euros.
Small believer compensates
The demands of the small believers – including numerous construction companies in Mecklenburg -Western Pomerania – should be fully compensated in accordance with the instructions of the court of January. At least some have recently confirmed that their bills were paid.
Nord Stream 2 should bring natural gas from Russia to Germany through two 1,200 kilometers long in the Baltic Sea. The pipeline was finished, but never went into operation. Shortly after the Russian attack on Ukraine in February 2022, the German government stopped the project. One of the tube strands was destroyed in an attack in September 2022, as was the strands of the North Stream 1 pipeline that has already been put into operation.
US interest for pipeline
Most recently speculated about the entry of US investors. The wealthy US businessman and supporter of US President Donald Trump, Stephen P. Lynch, is mentioned, for example. The “Wall Street Journal” said that the purchase was a unique opportunity to bring the energy supply of Europe under American and European control. The idea is to pump Russian gas through a then American pipeline to Europe. Lynch has been working in Eastern Europe and Russia for 20 years.
The pipeline operation could become part of an American-Russian agreement to settle the Ukraine War. The Russian Foreign Minister Sergei Lavrow said on state television in March: “There is talk of north stream.”
The gas market analyst Heiko Lohmann said: “I would not rule out the fact that US investors buy the pipeline for the transport of Russian gas and US President Donald Trump then puts pressure on the Europeans,” he told the dpa. “So far there are no sanctions against Russian gas.” However, the EU has only just presented plans on how the import of Russian gas is to be completely stopped by 2027.
New use of the pipeline
Lohmann is skeptical about the further use of the pipeline. “From a gas economy, I see no future for the north stream 2 as a natural gas pipeline,” said Lohmann of the dpa. “If there is a fair peace between Russia and Ukraine at all, with conveyed from the EU, then Russian gas deliveries could be part of the future. But you would use the pipelines through Ukraine and Poland. The quantities required would then be so that the north stream 2 would not be needed.”
It was checked that the pipeline could also transport hydrogen, for example from Finland to Germany. “It is difficult to say how realistic it is,” said Lohmann.
dpa
Source: Stern
