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OGZPY PJSC Gazprom (PK)

1.10
0.00 (0.00%)
06 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
PJSC Gazprom (PK) USOTC:OGZPY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 1.10 0.00 01:00:00

Nord Stream 2 Cancellation Would Enable Compensation Claims, Wintershall Dea Says

24/02/2022 1:03pm

Dow Jones News


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   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)

Copyright (c) 2022 Dow Jones & Company, Inc.

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