Bilfinger withdraws from Nord Streem 2 and worries Gazprom

Bilfinger, a Mannheim-based engineering and construction services company, first set out in December and then confirmed to the US in January that it would comply with PEESCA (European Energy Safety Act).

It also informed Nord Strem 2 operator Gazprom, but the Russian company did not react.

According to Bilfinger, he has signed several contracts with Nord Stream 2 worth 15 million euros. EUR. As a result, the German company runs the risk of having to pay compensation to Gazprom, Reuters reports.

Threatened with claims

According to the agency, Gazprom is accused that the withdrawal of Bilfinger could cause problems, so if the construction of Nord Stream 2 is suspended, financial claims can be made to the contractors.

Gazprom may demand indemnities, fines and cancellation fees, as well as require contractors to provide provisions for the reduction of the required investment value.

At the Eurobond Prospectus, where, according to Reuters, the Russian gas company announces that there is a high risk that the project could be suspended or canceled. The company emphasizes that it continues to face risks associated with changes in political conditions in various regions.

Bilfinger joins the company left by Nord Streem 2. Zurich Insurance Group Ltd, a Swiss insurance company, has withdrawn from the project. The decision has also been notified by the Norwegian certification company Norske Veritas Holding AG and the consultancy Ramboll.

Lucky owl

On Tuesday, the United States is expected to announce sanctions against the Russian ship Fortuna and its owner company KVT-RUS, which rebuilt the Nord Stream 2 gas pipeline. The U.S. Department of Idea reports that the ship and the company are subject to sanctions under CAATSA (Law against sanctions).

Nord Stream 2 responds that such US sanctions are contrary to international law and violate the energy independence of the EU.

European governments and the European Commission have voiced opposition to unilateral US sanctions against companies operating legally in the EU, according to a Nord Stream 2 report quoting Interfax.

In December, the 2.6-kilometer-long Nord Stream 2 stretches across Fortuna in Germany’s exclusive economic zone.

Nord Stream 2 has received permission from the Danish Maritime Administration and permission from the German Federal Maritime and Hydrographic Service to continue work and build the last section, 147 km. The pipeline construction was planned to be renewed on January 15 and Fortuna set sail, but a day later it turned around and stopped at the Rostock port raid.

According to Deutsche Welle, the German permit was suspended after being tested by a German ecological organization. Construction was also stopped in Danish waters, although permission was granted.

DW notes that the situation in Europe has changed since Alexei Navaln’s poisoning in Europe at that time, and in Germany there have been discussions about sanctions against Russia, including the construction of a gas pipeline under the Baltic Sea.

10 billion Euro-value pipeline construction frozen in 2019. almost a year after the US sanctions approved by President Donald Trump. These sanctions include the freezing of assets and the prohibition of issuing visas to companies and their employees directly involved in the work.

Additional restrictions for the Nord Stream 2 project are set out in the 2021 financial budget approved by the US Congress.

A foundation was created in Germany

The German federal fund Mecklenburg-Vorpommern em kr to circumvent US sanctions on companies participating in Nord Stream 2, said Christian Pegel, the region’s economy minister.

The state investment fund is expected to reach 200,000 euros and Nord Stream 2 20 million euros. EUR.

The fund is expected to allow companies, directly or through the pipeline, to acquire the necessary construction equipment and means, protecting them from US sanctions.

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