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Reuters
2 days ago
- Business
- Reuters
Germany considers law reform to block Russian-owned Nord Stream takeover
BERLIN, June 27 (Reuters) - Germany is considering changing its foreign trade law to prevent the company running the Nord Stream 2 pipelines from being taken over, a document showed on Friday, as part of Berlin's efforts to prevent any resumption of Russian gas imports. For decades Germany relied on cheap Russian gas, but since the outbreak of the conflict in Ukraine, it has sought alternatives. German Chancellor Friedrich Merz has said he will ensure Nord Stream 2, which the country once backed, would not go into operation, but for now the country has no legal means to prevent a sale of the assets, owned by Russian giant Gazprom ( opens new tab. The Nord Stream pipeline system comprises two double pipelines across the Baltic Sea to Germany and was the biggest route for Russian gas to enter Europe, capable of delivering 110 billion cubic metres of gas a year. The second link Nord Stream 2 was completed in 2021. It never became operational due to deteriorating relations between Russia and the West and was hit by unexplained explosions in 2022 that left one of its two lines intact. Swiss-based Nord Stream 2 has been going through insolvency procedures that could lead to asset sales. In November, The Wall Street Journal reported that U.S. investor Stephen P. Lynch was attempting to acquire Nord Stream 2, a report the Russian government denied. In a parliamentary response dated June 24, the German Economy Ministry said the government was discussing a possible amendment during this legislative period to the foreign trade law as it does not currently provide for any investment review in the event of a takeover. Der Spiegel magazine first reported the news. Former economy ministry state secretary and Green lawmaker Michael Kellner said the government must close this loophole. "Pipelines in Germany or Europe do not belong in the hands of Russian or American companies," he told Reuters. Gazprom did not reply to a request for comment.
Reuters
19-06-2025
- Business
- Reuters
Russia's Novak says no one has approached government about buying Nord Stream 2
ST PETERSBURG, June 19 (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Thursday that no one has approached the Russian government about buying the Nord Stream 2 gas pipeline. The Wall Street Journal reported in November that an American investor, Stephen P. Lynch, was seeking to buy the pipeline under the Baltic Sea, which was damaged by mysterious blasts in 2022. The $11 billion Nord Stream 2 pipeline, set to carry Russian gas to Europe, was completed in 2021 but was never commissioned as relations with the West soured due to the onset of the conflict in Ukraine.
Yahoo
09-05-2025
- Business
- Yahoo
Nord Stream 2 operator given go-ahead to find new investors
The highly indebted Russian pipeline operator Nord Stream 2 can continue its search for a new investor to save it from bankruptcy, a court in Switzerland ruled on Friday. According to the court, the decision can still be appealed, meaning no further details on the case could be announced. The Nord Stream 2 project was intended to bring natural gas from Russia to Germany through two 1,200-kilometre pipelines in the Baltic Sea. The landmark project was completed amid much fanfare, but never went into operation. Shortly after the Russian invasion of Ukraine in February 2022, the German government cancelled the project, which critics saw as giving Russia too much influence over energy supplies to Europe. One of the pipelines was damaged in a mysterious attack in 2022. Media reports have recently speculated about the involvement of US investors in a possible deal. Stephen P Lynch, a wealthy businessman and supporter of US President Donald Trump, has been mentioned in connection with the pipeline company. The firm could become part of a US-Russian agreement to peacefully end the war in Ukraine, according to reports. Russian Foreign Minister Sergei Lavrov said on state television in March that Nord Stream was "being discussed."
