Nord Stream Owners Discuss Pipeline Repairs, Says E.ON
(Reuters) — Shareholders of the Nord Stream 1 pipeline operator are discussing how to seal and empty the damaged gas pipeline to halt corrosion from sea water, said the chief financial officer of E.ON, one of the owners.
The chief financial officer of E.ON, one of the stakeholders, told reporters at the group's results news conference that it was unclear whether the pipeline would be repaired but that any forthcoming decisions are likely to be made with the support of all shareholders.
"We continue to exercise our rights as a minority shareholder in the Nord Stream 1 operating company. And we still see no point in simply leaving the field to Gazprom at this point," E.ON's Marc Spieker said.
Nord Stream is majority owned by Russia's Gazprom, with other stakeholders including Wintershall DEA, Engie and Gasunie.
E.ON on Wednesday said it had written off the value of its 15.5% stake in Nord Stream 1, the two strands of which were damaged by suspected sabotage in September.
The stake had initially been worth 1.2 billion euros ($1.3 billion), but its value was cut to zero in several steps.
"At the moment, the operating company is concentrating on the question of how the two destroyed pipelines can first be sealed and drained so that the strands do not corrode further," Spieker said.
Two sources familiar with the matter told Reuters this month that, while there was no plan to repair the ruptured pipeline, it would at least be conserved for possible reactivation in the future.
"Whether a repair will be attempted at some point in the future ... is completely speculative from today's point of view," Spieker said. "It depends on many factors — political, social, economic. Only time will tell."
($1 = 0.9424 euros)
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments