Engie Fined $44.6 Million Over Nord Stream 2 Pipeline

Date : 09/11/2019 @ 03:02
Source : Dow Jones News
Stock : Engie (ENGI)
Quote : 11.69  0.33 (2.90%) @ 01:40
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Engie Fined $44.6 Million Over Nord Stream 2 Pipeline

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   By Giulia Petroni 

Poland's antimonopoly watchdog said Friday that it has fined Engie SA (ENGI.FR) for failing to cooperate in an investigation into the construction of Russia's gas pipeline Nord Stream 2.

The French utility company was fined 172 million Polish zloty ($44.6 million) for refusing to provide documents and information about the agreements it signed with Russian gas supplier Gazprom PJSC (GAZP.RS), which is leading the pipeline project, the watchdog UOKiK said. Engie is one of five European firms that provided funding for Nord Stream 2.

"The company has persistently and unreasonably refused to provide us with the documents and materials. This caused a significant delay in our actions in regards to the financing of the NS2 gas pipeline," UOKiK's Vice President Michal Holeksa said.

Engie will appeal the decision, a spokesman for the company said.

Polish authorities started investigating the pipeline construction in August 2016. The country claims Nord Stream 2 is a threat to Europe's energy security and that it will strengthen Gazprom's dominant position in the market.


Write to Giulia Petroni at giulia.petroni@wsj.com


(END) Dow Jones Newswires

November 08, 2019 10:47 ET (15:47 GMT)

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