Nord Stream AG
 | |
 Nord Stream head-office building in Zug | |
| Company type | Joint stock company |
|---|---|
| Industry | Natural gas |
| Founded | 30 November 2005 |
| Headquarters | Zug, Switzerland |
| Services | Natural gas transportation |
| Website | www |
Nord Stream AG[a] is a consortium for construction and operation of the Nord Stream 1 submarine pipeline between Vyborg in Russia and Greifswald in Germany. The consortium was incorporated in Zug, Switzerland, on 30 November 2005.
Since the first gas delivery in 2011, the company has transported over 450 billion cubic metres of natural gas to Europe. In 2020, the German Federal Network Agency highlighted again the Nord Stream Pipeline's contribution to security of energy supply in Europe.[citation needed]
Gas deliveries ceased on 31 August 2022, officially for three days of maintenance.[1] However on 2 September 2022, the company announced that natural gas supplies via the Nord Stream 1 pipeline would remain shut off indefinitely until the main gas turbine at the Portovaya compressor station near St Petersburg was fixed due to an engine oil leak.[2] Finally, on 26 September 2022 both pipelines of Nord Stream 1 were sabotaged beyond repair. Due to the Russian invasion of Ukraine Germany had halted the permitting process for Nord Stream 2 which although technically ready had therefore never delivered gas when also one of its two pipelines was destroyed by the Nord Stream sabotage.[3]
Shareholders
[edit]The shareholders of Nord Stream AG are:[4][5]
- Gazprom International Projects LLC, a subsidiary of Gazprom – 51%
- Wintershall Dea AG – 15.5%
- PEG Infrastruktur AG, a subsidiary of E.ON Beteiligungen – 15.5%
- N.V. Nederlandse Gasunie – 9%
- Engie – 9%
On 1 March 2010, French energy company GDF Suez (changed name to Engie in 2015) signed with Gazprom a memorandum of understanding to acquire 9% stake in the project. Accordingly, the stakes of Wintershall and E.ON fell by 4.5% to 15.5%.[6]
Notes
[edit]- ^ until 4 October 2006 known as the North European Gas Pipeline Company
References
[edit]- ^ Cooban, Anna (31 August 2022). "Russia cuts more gas supplies to Europe as inflation hits another record". CNN.
- ^ "Gazprom: Nord Stream 1 gas to stay shut until fault fixed, "workshop conditions needed"". Reuters. 2022-09-02.
- ^ "Shutting Down Nord Stream Marks the Point of No Return for Russian Gas". Retrieved 31 January 2023.
- ^ "Facts & Figures". Nord Stream AG. Retrieved 2007-11-06.
- ^ "Gazprom and Gasunie sign agreement on cooperation within Nord Stream and BBL projects" (Press release). Gazprom. 2007-11-06. Archived from the original on 2008-03-04. Retrieved 2010-10-09.
- ^ Muriel Boselli (2010-03-01). "GDF Suez, Gazprom sign Nord Stream pipeline deal". Reuters. Retrieved 2010-03-01.