Nord Stream 2 Cancellation Would Enable Compensation Claims, Wintershall Dea Says
25 February 2022 - 12:03AM
Dow Jones News
By Giulia Petroni
A cancellation of the Nord Stream 2 pipeline project due to
political intervention would enable compensation claims, Germany's
Wintershall Dea said Thursday.
"Wintershall Dea sees no reasonable scenario in which there will
be political intervention without compensation," the German
oil-and-gas producer said in its 2021 annual report.
The pipeline is managed by Nord Stream 2 AG, a Swiss-registered
firm owned by Russian-state gas producer and exporter Gazprom.
Wintershall Dea has invested 730 million euros ($826.8 million) in
the pipeline project through a loan.
The company added that, in the "unlikely event" that the project
cannot be put into operation, there are customary contractual
provisions in place that aim to limit the group's financial
risks.
"Even if there might be a delay in commissioning due to the not
yet completed certification process, we expect that the contractual
obligations towards the financial investors will be fulfilled," it
said.
Earlier this week, U.S. President Joe Biden said his
administration plans to impose sanctions on Nord Stream 2, in a
move that follows the German government's decision to halt the
pipeline's certification process in retaliation for Russia's
interventions in Ukraine.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 24, 2022 07:48 ET (12:48 GMT)
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