The Swiss-based company that built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for bankruptcy, two sources familiar with the situation said, as it seeks to halt transactions with other entities. The US tries to settle claims before the approval deadline. This.
The United States approved Nord Stream 2 AG last week after Russia recognized two separate territories in eastern Ukraine before the country’s invasion, which has prompted a wave of economic sanctions by the West.
Nord Stream 2 AG, which is registered in Switzerland and owned by Russian state-owned gas giant Gazprom, last year completed an $11 billion project designed to double its capacity to pump gas from Russia to Germany. was designed for.
Two sources who spoke on condition of anonymity said Nord Stream 2 AG is working with a financial advisor to clear some of its liabilities and may formally launch bankruptcy proceedings in a Swiss court. As soon as this week.
Nord Stream 2 AG did not respond to requests for comment from Reuters. Gazprom declined to comment.
The 1,230 km (767 mi) pipeline did not begin commercial operation as it was pending certification in Germany, which last week halted the process as a result of the escalating Ukraine crisis.
The US Treasury Department’s Office of Foreign Asset Control issued an executive order on February 23 calling for “Wind Down of Transactions involving Nord Stream 2 AG” or “any entity in which Nord Stream 2 AG is owned, directly or indirectly 50″. Percentage or more interest” by March 2
Gazprom paid for half the cost of building Nord Stream 2, with the remaining $11 billion pipeline project being financed by British oil and gas major Shell, Austria’s OMV, France’s Engie and Germany’s Uniper and Wintershall DEA.
Shell, Angie and Wintershell DEA did not immediately respond to requests for comment. OMV declined to comment.
When asked about a potential bankruptcy filing by Nord Stream 2 AG, a Uniper spokesperson said the company currently has no such information.
Swiss-registered Nord Stream 2 AG is also terminating the workers’ contracts, sources said. It was not clear whether all entities related to Nord Stream 2 AG would be closed or whether Gazprom plans to proceed with pipeline maintenance.
Switzerland’s Economy Minister Guy Parmelin said in an interview with Swiss radio service RTS on Monday that all Nord Stream employees working for the company in the Swiss city of Zug, more than 140 employees, had been fired.
Germany, which gets half its gas from Russia, supported Nord Stream 2 to diversify energy supplies for Europe, but the project was allowed to increase the region’s gas dependence on Russia and reduce volumes to Moscow. It faced opposition from the European Union and the United States. via Ukraine, for which he will have to pay a transit fee.
Since Russia’s invasion of Ukraine last week, several majors, including oil majors, have said they will exit their Russian operations, including Shell, stating that it will no longer be involved in Nord Stream 2 among other investments. Will be
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