MOSCOW, 28 Sep — PRIME. Repair of gas pipelines of the Nord Stream system, if it is not possible to identify the person responsible for the damage, may fall on Gazprom, but contractual alternatives are possible, Igor Galaktionov, an expert at BCS World of Investments, shared his opinion with RIA Novosti.
A subsidiary of Gazprom, Nord Stream AG, the operator of Nord Stream, announced on Tuesday about unprecedented destruction on three strings of offshore gas pipelines of the Nord Stream system that run along the bottom of the Baltic Sea from Russia to Germany – Nord Stream and Nord Stream 2. Nord Stream AG is not yet able to estimate the timing of the restoration of the gas infrastructure, the report said. The reasons for the destruction are being investigated.
“The question of who will pay for the repairs lies in the legal plane. I believe that if it is not possible to identify the third party responsible for the damage, then the repair of the gas pipelines will fall on the owner company, that is, Gazprom will pay for everything. However, alternatives are possible of a contractual nature, if Germany is keenly interested in restoring supplies,” Galaktionov said.
In any case, European companies will not finance repairs as long as sanctions are in effect, an expert from BCS World Investments believes.
It is not yet possible to estimate the amount, as well as the timing, he added.
Nord Stream AG and Nord Stream 2 AG are the owners of Nord Stream and Nord Stream 2. The shareholders of the former are Gazprom International Projects (51%), Wintershall Dea AG (formerly Wintershall Holding GmbH) and PEG Infrastruktur AG (E.ON) (15.5% each), NV Nederlandse Gasunie and Engie (9% each). The second operator is a 100% subsidiary of Gazprom, financial investors were Royal Dutch Shell, OMV, Engie, Uniper and Wintershall.