The repairs of Nord Stream 1, following the sabotage of the latter, will be decided by the shareholders of the gas pipeline. Under pressure from corrosion caused by seawater, shareholders are looking for ways to seal and drain the damaged pipeline. Marc Spieker, CFO of E.ON, one of the owners, confirmed this information.
Nord Stream 1 repairs at the heart of discussions
Marc Spieker said the shareholders had not yet decided whether the pipeline would be repaired. However, he made it clear that all future decisions would be taken in consultation with all shareholders.
Marc Spieker also emphasized that E.ON, as a minority shareholder, will continue to exercise its rights in the operating company Nord Stream 1. According to him, it is important not to leave the field open to Gazprom.
Nord Stream is majority owned by Gazprom, with other stakeholders such as Wintershall DEA, Engie and Gasunie.
E.ON writes down the value of its stake to zero
E.ON announced Wednesday that it had written down the value of its 15.5% stake in Nord Stream 1 to zero. This depreciation is due to the destruction of two sections of the pipeline by alleged sabotage last September. This stake was initially worth 1.2 billion euros.
Repair Nord Stream 1 or keep it for a possible reactivation?
The shareholders of Nord Stream 1 have made it a priority to seal and drain the two destroyed pipelines to prevent further corrosion. While there are no plans to repair the ruptured pipeline, two informed sources told Reuters that it would be preserved for possible reactivation in the future.
Marc Spieker noted that many factors such as political, social and economic factors will determine whether the pipeline will be repaired. Only time can answer this question.
