Discussions on damaged Nord Stream 1 pipeline underway

The logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug. (Photo: Reuters.)

The equity owners in the damaged Nord Stream 1 gas pipeline are discussing how to seal and empty it, it emerged in mid-March.

The Nord Stream 1 and 2 pipelines, which run from Russia to Germany via the Baltic Sea, were hit by suspected sabotage in September. Nord Stream 2 had never been operational, with its start-up approval process having been suspended by the German government in the wake of Russia’s invasion of Ukraine in February 2022. Nord Stream 1 previously supplied Russian gas to Germany but now looks unlikely to ever return to service.

E.ON, one of the shareholders in Nord Stream 1 said it was unclear whether repairs would be carried out, but that any decision would likely need support from all shareholders.

“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,” E.ON’s chief financial officer, Marc Spieker, said.

E.ON also said in mid-March that it had written off the value of its 15.5% stake in Nord Stream 1. Earlier in March, the Netherlands’ Gasunie also said it had written off its 9% stake in the project.

Those behind the suspected sabotage on the pipelines have not been identified thus far, though several theories have emerged against the backdrop of continued tensions between Russia and the West over Ukraine. Investigations into the explosions are ongoing in Denmark, Germany and Sweden.