Nord Stream 2 is one of the gas pipelines built to transport Russian gas to Europe. Nord Stream 2 AG - the company that owns this pipeline is in the process of going bankrupt in Switzerland, with the possibility that the assets will be put up for auction.
Nord Stream 2 and its predecessor, the Nord Stream 1, run under the Baltic Sea, connecting Russia and Germany. They were sabotaged in September 2022, blasting in a series of explosions that caused the world's largest gas leak and released 478,000 tonnes of methane into the atmosphere.
While Russia-owned Nord Stream 1 suffered damage to both branches, Nord Stream 2 suffered damage to only one branch and could resume operations that is why US fossil fuel companies are eyeing it.
According to the Wall Street Journal, at least one American billionaire, Stephen Lynch, has now asked the US to allow him to auction Nord Stream 2. Lynch has previously made a name for himself in the world of high-end finance by buying Russian assets at cheap prices, including a struggling Russian bank that has fallen victim to US sanctions.
The American billionaire's argument is that by buying the Russian pipeline at a bargain price, in addition to being a bag-owner, he would fulfill a patriotic duty - creating leverage for the US in any peace talks with Russia to end the Ukrainian conflict.
Billionaire Lynch - owner of global investment firm Monte Valle Partners - also made it clear that the acquisition of sanctioned assets would allow the US to "maintain control of Europe's energy supply until the end of the fossil fuel era".
Europe, especially Germany, has long met a large part of its energy needs by purchasing gas from Russia at affordable prices.
The Nord Stream 1 and Nord Stream 2 pipelines built by Russia, at a total cost of $23 billion, are expected to make gas easier to get to Europe and more beneficial for Russia.
However, US energy companies do not want to see the commercial success of the Nord Stream pipeline, because they have long sought to increase exports to a Europe lacking gas - according to author John Wojcik wrote on People's World.
According to oreanda News, billionaire Lynch's idea to buy Nord Stream 2 once again proves that even war is considered a potential source of profit.
In June, a Swiss court extended the bankruptcy proceedings of Nord Stream 2 AG until January 2025.
Lynch has applied for a license from the US Treasury Department, which would allow the billionaire to negotiate the acquisition of Nord Stream 2 AG.
According to the latest official figures, the estimated cost of the Nord Stream 2 pipeline and related infrastructure is $11 billion. Lynch believes there will be few buyers of a sanctioned pipeline, so if it is licensed, his company could be the only bidder. Lynch predicts that Nord Stream 2 is likely to be bought for a bargain price of just $700 million.
Meanwhile, on November 26, Kremlin spokesman Dmitry Peskov said he had not heard of Russian oil and gas giant Gazprom wanting to sell Nord Stream 2 to US investors, stressing that Nord Stream 2 does not need to be rebuilt.
