Dutch Gasunie announces write-off of its stake in Nord Stream

The Dutch Gasunie announced the write-off of its 9% stake in the Nord Stream project. About this company informed in a press release on their website.

“In the current geopolitical conditions, Gasunie does not foresee the resumption of gas supplies via Nord Stream in the foreseeable future and, as a result, does not expect to receive any dividends. Thus, the value of Gasunie’s stake in Nord Stream has decreased to 0 euros at the end of 2022,” the statement said.

Gasunie recalled that in July last year, the company announced a reduction in the value of its stake from 508 million euros to 240 million euros. At the end of September, the Nord Stream 1 and Nord Stream 2 pipelines were damaged as a result of sabotage. As explained in the company, at that time “Gazprom» did not use gas pipelines to supply fuel to Europe.

Gasunie is said to be in contact with the Dutch government and other Nord Stream shareholders to prevent further environmental damage and ensure safety.

The incident at Nord Stream occurred on the night of September 26, 2022. Both pipelines were depressurized by an explosion, after which two leaks were discovered that were located in the Exclusive Economic Zone (EEZ) of Sweden, and two more in the Danish EEZ. In October 2022, Sweden announced the completion of the investigation, stating “increasing suspicions of gross sabotage”, but those responsible for what happened were not named.

In late February, German oil and gas company Wintershall Dea also announced that wrote off share in the Nord Stream project. The company owned 15.5% of the shares. Its report states that in 2022 €1.13bn was written off in impairment losses, €529m of which is equity in Nord Stream AG.