Spare Nord Stream pipes still stored in Germany
Three of the four pipelines were fractured in underwater explosions that caused severe leaks in September 2022, just months after the escalation of the Ukraine conflict. The pipelines were shut down, and the Nord Stream 2 gas receiving station in the German port city of Lubmin was mothballed. No perpetrators have been officially named, though investigations continue, and some reports have pointed to Kiev.
According to the outlet, around 1,000 replacement pipes worth €25 million ($28 million) remain stored in two warehouses near Lubmin.
'The material has a high value,' a source familiar with the situation said. 'Such a quantity of pipes should be approximately enough to repair the destroyed sections,' they added.Another source said the underwater repairs would be 'relatively easy in the technical sense' and fast, assuming the materials don't require new production.
Hans-Peter Huber, a lawyer for pipeline operator Nord Stream 2 AG, a subsidiary of Russia's Gazprom, confirmed that the pipes remain in Lubmin and belong to the operators. He said their recovery has been complicated by insolvency proceedings in Switzerland concerning the company's debts to minor creditors.
As a result of Western sanctions, around €70 million in company funds held at an EU bank were frozen, blocking payments to debtors, Huber noted. The company has until May 9 to settle with creditors or face bankruptcy, which could lead to roughly 500 of the stored pipes being auctioned off. The proceedings do not affect Nord Stream 1, however, which is not in insolvency, Huber added.
Gazprom previously said the pipelines could be restored, though the process could take more than a year.
Amid signs of a thaw in US-Russia ties following President Donald Trump's return to office, both sides have reportedly discussed restoring Nord Stream as part of Ukraine peace talks.
According to Politico, Washington is considering lifting sanctions on Nord Stream and other Russian assets in Europe as part of the efforts. Other outlets reported a potential deal that would allow US investors to acquire a stake in Nord Stream 2 to prevent its bankruptcy. Under the plan, Russia would reportedly retain ownership while US companies would manage the operations.
Bild reported last month that a US-led consortium has already outlined a proposal to partner with Gazprom once sanctions are lifted. However, there has not been official confirmation of the plans from either Moscow or Washington so far.
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