The Nord Stream 2 operator's bankruptcy proceedings are underway, but the company still plans to complete repairs and put the Baltic Sea gas pipeline into operation by 2030.
"Nord Stream 2 AG remains confident in its future operations, as evidenced by the negotiations. According to Transliq AG, the Nord Stream 2 AG gas company is still planning for the scenario that the Nord Stream 2 pipeline will start operating in 2030 and will last for 50 years," ZentralPlus reported, referring to the content of the court hearing in Zug, Switzerland on the future of the Nord Stream 2 pipeline.
"I think we can all make the same assumptions. In this scenario, the geopolitical situation will calm down and the demand for energy in Western Europe will be high. Therefore, there is a need to buy cheap energy and a need for a gas pipeline," a representative of Transliq AG, which acts as interim manager of Nord Stream 2, told the judge.
According to a representative of Transliq AG, the cost of repairing a broken branch of the Nord Stream 2 gas pipeline is up to 633 million euros. The Nord Stream 2 pipeline consists of 2 branches, of which 1 branch was broken in the explosion in September 2022, the other branch is still intact.
The operator also hopes to receive insurance compensation for the Nord Stream 2 pipeline sabotage.
Transliq AG noted that the future of the Nord Stream 2 gas pipeline in the Baltic Sea will be decided together with the main sponsors: Germany's Uniper, Wintershall, Austria's OMV, Britain's Shell and France's Engie.
On December 20, a court in Zug weighed the fate of the Nord Stream 2 project – whether to declare bankruptcy or restructure its debt. The decision must be made by January 10, 2025.
So far, according to ZentralPlus, Uniper and OMV have rejected the deal, while the other three sponsors have agreed to a limited restructuring proposal.
The cost of the Nord Stream 2 gas pipeline is estimated at 9.5 billion euros, of which more than 4 billion euros are provided by five European companies.
The judge postponed the verdict until January 9 or 10, 2025.
Also related to Nord Stream 2, last week, US President Joe Biden imposed sanctions on the Russian gas industry. The White House criticized the possibility of returning Russian gas to Europe in the future. Washington has imposed sanctions on the Nord Stream 2 operator, participants and vessels involved in the project.
The Nord Stream 2 pipeline with a capacity of 55 billion m3/year was built in 2021. However, this gas pipeline in the Baltic Sea has not yet been put into operation because Germany has stopped certifying it due to the conflict that broke out in Ukraine.
On September 26, 2022, saboteurs blew up both the Nord Stream and Nord Stream 2 pipelines. One branch of Nord Stream 2 remained intact after this mysterious sabotage.
