By Guest Writer • 04 March 2022 • 13:34
Nord Stream building Switzerland
Credit: Alexey M CC
AFTER the German Government cancelled the Nord Stream 2 pipeline prior to the Russian invasion of Ukraine it seems that the company organising it has encountered serious financial difficulties.
The concept to pipe more natural gas from Russia to much of Europe was becoming unattractive even before the invasion as it appeared that too much control over energy supply would rest with Gazprom and therefore the Russian Government.
Soon after the announcement by Germany and the imposition of sanctions by the US and EU, it was rumoured that the company handling the $11 billion pipeline intended to file for bankruptcy in Switzerland.
This has since been denied although the company has terminated the employment of its entire staff of around 100 people.
The company’s website now simply contains the following statement; “We cannot confirm the media reports that Nord Stream 2 has filed for bankruptcy.
“The company only informed the local authorities that the company had to terminate contracts with employees following the recent geopolitical developments leading to the imposition of US sanctions on the company.
“We can confirm that we have taken down this website due to serious and continuous attacks from outside.
“Unfortunately, our mobile and fixed network lines are also not reachable – at least for the time being.”
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