Re:Nord Stream 2 owner considers insolvency after sanctions
by HWR_14 on Tuesday March 01, 2022 @11:54AM
(#30516548)
Gazprom already owns Nord Stream 2 AG, the legal entity that is talking about filing
[ Parent
| on HN ]
Re:Nord Stream 2 owner considers insolvency after sanctions
by aurizon on Tuesday March 01, 2022 @11:56AM
(#30516569)
I believe it is a joint project with a UK or US partner - squeeze out the UK/US partner?
Re:Nord Stream 2 owner considers insolvency after sanctions
by HWR_14 on Tuesday March 01, 2022 @12:03PM
(#30516661)
There were several partners involved in financing, for instance Shell.
>squeeze out the UK/US partner?
Quite the opposite. Gazprom is the only shareholder. That means they'll be the lowest on the repayment schedule. I assume the financing partners have some form of debt. Therefore, the most likely outcome is that the pipeline is auctioned off, and the revenues of that go directly to Shell etc, and Gazprom gets nothing. The various partners may also offer Gazprom a fixed sum right now for their shares.
It's worth noting that the Swiss company itself, because it is owned by Gazprom, is falling under sanctions tomorrow. So, this isn't a result of people not wanting to by Russian gas as much as no one wants (or will be allowed) to have transactions with the pipeline after tomorrow.