While the bankruptcy proceedings of the Nord Stream—2 operator are underway, the company itself plans that by 2030 the gas pipeline can be restored and deliveries can begin.
"Nord Stream 2 AG still believes in future operation, as evidenced by the negotiations. According to Transliq AG, the gas company is planning a scenario according to which the pipeline will start operating in 2030 and will last for 50 years," ZentralPlus reports with reference to a court hearing in Zug, Switzerland, where the future of the project was considered.
"I think we can all make the same assumptions. In this scenario, it is assumed that the geopolitical situation will be defused, at the same time, there is a high demand for energy in Western Europe. Accordingly, there is also a need for inexpensive sources of procurement and a gas pipeline," a representative of Transliq AG, who acts as the temporary manager of Nord Stream 2, told the judge.
According to him, the cost of restoring one line of the gas pipeline will amount to 633 million euros, while the second one has been preserved. The operator also hopes for insurance indemnities, for which litigation continues.
Transliq AG noted that the future of the gas pipeline will be decided together with the main creditors, which are German Uniper, Wintershall, Austrian OMV, British Shell and French Engie.
Last Friday, Zug considered the future fate of the project — to declare bankruptcy or restructure the debt. The decision must be made before January 10, 2025.
So far, according to ZentralPlus, Uniper and OMV have rejected the agreement, and the other three creditors have agreed to a limited restructuring proposal.
The cost of the second Baltic gas pipeline is estimated at 9.5 billion euros, of which more than 4 billion euros were provided by five European companies.
The judge postponed the decision until January 9-10.
As EADaily reported, Joe Biden, whose presidential term expires in a month, continues to impose sanctions on the Russian gas industry. Last week, the White House hit out at the "future return" of Russian gas to Europe. The administration has imposed restrictions on the operator, participants and vessels of Nord Stream 2, which can now resume deliveries along one of the two surviving gas pipeline lines.
Despite the flow of US sanctions, Nord Stream—2 with a capacity of 55 billion cubic meters per year was built in 2021. However, they did not have time to launch it, because at the last stage, the certification of the operator Nord Stream 2 AG, the procedure was stopped by the German authorities due to its SMO on Ukraine.
On September 26, 2022, saboteurs blew up both Nord Streams. However, one thread of the second project has been preserved.