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Nord Stream 2 is the much talked about giant pipeline that will transport gas from Russia to Germany. The line has previously been characterized as one of the most important concrete chess pieces in the political and economic game between the West and Russia.
German Chancellor Olaf Scholz has already suspended Nord Stream 2 cooperation, due to Russia’s aggression against Ukraine. One week after Scholz’s message, sources report to Reuters that the entire project hangs in the balance.
Nord Stream 2 AG, the company that built Nord Stream 2, is considering filing for insolvency, reports Reuters.
The two Reuters sources said that Nord Stream 2 AG has worked with a financial adviser to clear some of the obligations and could formally start insolvency proceedings in a Swiss court as soon as this week.
Nord Stream 2 AG also terminates the contracts of workers, the sources said. It was also unclear whether all units connected to Nord Stream 2 AG would be closed or how Gazprom plans to continue with the maintenance of the pipeline.
Gazprom paid half of the cost of building Nord Stream 2, while the rest of the $ 11 billion pipeline project is funded by Shell, OMV, Engie and Uniper and Wintershall.
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Shell, Engie and Wintershall did not immediately respond to requests for comment. OMV declined to comment, writes Reuters. A spokesperson for Uniper said that the company currently has no such information.
With winter’s high energy prices in Europe, many European countries have hoped that the pipeline would help curb prices. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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