Pipeline project: Nord Stream 2 operator faces bankruptcy

Nord Stream 2 AG, the Swiss company that owns the new Baltic Sea pipeline to Russia, appears to be facing bankruptcy. The employment contracts of more than 140 employees have already been terminated.

After the Baltic pipeline was shut down, the Swiss owner, Nord Stream 2 AG, appears to be facing bankruptcy. News Agency reports Reuters He cites two people familiar with the matter. Accordingly, Nord Stream 2 AG is currently working with financial advisors to arrange portions of its obligations. They say they can file for bankruptcy in Switzerland this week.

According to Swiss Economy Minister Guy Parmelin, Nord Stream 2 has already terminated employment contracts with more than 140 employees. It is a subsidiary of Russia’s Gazprom Group and is headquartered in Zug, 30 kilometers south of Zurich. However, half of the $11 billion pipeline project was funded by energy and oil giants Shell, OMV, Engie, Uniper and Wintershall DA.

The approval process has been suspended

With the 1,230-kilometer pipeline across the Baltic Sea, Russia wanted to double the capacity of natural gas shipments to Germany. Nord Stream 2 was completed, but the approval process was halted by the federal government and thus put on hold due to the Russian attack on Ukraine. Germany gets about 50 percent of its natural gas imports from Russia and, according to the Federal Statistical Office, transferred 19.4 billion euros of oil and natural gas to the country last year.

The US Treasury issued an ultimatum last week as part of sanctions against Russia Handle all transactions with Nord Stream 2 AG and the majority of their holdings by March 2. Washington was highly critical of the pipeline even before the Russian attack on Ukraine. Nord Stream 2 AG’s managing director, former Stasi agent Matthias Warnig, has been sanctioned by the USA.

Two Nord Stream companies

Nord Stream 2 was noisy Reuters Gazprom declined to comment on the information, which could not be obtained for comment. Uniper said it was not aware of an imminent bankruptcy filing. According to the news agency, the other funders could not be reached for comment or commented.

Nord Stream AG, also headquartered in Zug, Switzerland, is the operator of the first dual-line pipeline running through the Baltic Sea, which has been in operation since 2011. It is a joint venture between Gazprom and several Western energy companies – including Eon and Winterhall. United Nations Medicines Application. Former Chancellor Gerhard Schroeder sits on the supervisory board there. The Criticism of Russia’s connections The number of politicians from the Social Democratic Party has recently increased dramatically.