The Swiss company Nord Stream 2, which was behind the gas pipeline of the same name, officially laid off all its 140 employees. Rumor has it that the management company intends to file for bankruptcy.
Reuters reported that gas pipeline company Nord Stream 2 intends to file for bankruptcy, likely this week. This is because the management company now lacks the ability to pay.
Swiss media on Monday evening already reported that Nord Stream 2 is laying off all 140 of its staff. The management company is wholly owned by the Russian state-owned Gazprom, but its headquarters are in Switzerland.
The pipeline between Russia and Germany, now completed, cost about 10 billion euros. Half of this amount was funded by five energy companies in Western Europe, among them Fortum’s subsidiary Uniper. Uniper’s management responsibility is around 950 million euros.
Although the gas pipeline is complete, no gas has been transported through it. In connection with Russia’s entry into Ukraine, Germany decided to put the regulatory process for approval of the pipeline on ice.
Regarding the presentation of last year’s results, Uniper announced that the company is now investigating the consequences of the German decision. Fortum will present its results for 2021 on Thursday, after which it is expected to tell us how operations in Russia affect the year’s results and what Uniper funding means for Nord Stream 2.
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