Uniper warns of failure: Schwesig wants to complete Nord Stream 2

The USA are bracing themselves with power against the Nord Stream 2 pipeline project. Recently, three senators threatened the port near Sassnitz with devastating sanctions. The state is now demonstratively standing by the side of the construction project. Meanwhile, a financier can no longer rule out losing his stake.

The state of Mecklenburg-Western Pomerania and the Nord Stream 2 project company have committed to continuing the construction of the Baltic Sea natural gas pipeline. "We agree with Nord Stream that the project should be a success," said Prime Minister Manuela Schwesig after an interview with Managing Director Matthias Warnig. "We are still very clearly behind the construction of the Baltic Sea pipeline. It is important for the energy supply in Germany." The company did not comment on the interview.

After the news of a letter from US senators threatening the port of Sassnitz-Mukran on Rügen last week, she declared: "We are sticking to the project, we will not be intimidated." The Mukran Port plays a central role in pipeline construction as a storage place for the pipes and the starting point for the laying vessels. Work is also continuing at the landing station in Lubmin (Vorpommern-Greifswald). Schwesig said it was good and right that Germany would soon phase out nuclear energy and also say goodbye to coal power. Mecklenburg-Western Pomerania relies heavily on renewable energies.

At least in the transition, gas will be used as an energy source. "That is why we have always supported the pipeline project," said the head of government. She is extremely angry about the blackmail attempts from the USA: "That is not how you treat each other among friendly nations." According to the State Chancellery, the meeting in Schwerin was not a reaction to the newly threatened sanctions from the USA. The exchange of information had been planned for a long time, said a spokesman.

The co-financing energy company Uniper had previously also assured that the pipeline would be completed despite increasing political resistance from the USA and that it would then also transport natural gas from Russia to Germany. "That is our basic scenario," said CEO Andreas Schierenbeck.

Sanction threats press risk report

However, the undisguised threats of sanctions from Washington have now been reflected in the risk report of Uniper's half-yearly balance sheet. There it is said that with the intensified efforts of the USA against the project, the probability increases that there will be delays in the construction of the gas pipeline or that the project will not be completed at all. That is the worst-case scenario, said Schierenbeck. However, Uniper is not directly affected by any sanctions. The group from Düsseldorf is not involved in the operating company, but only gave money for the investments. You are also in contact with all the people involved.

Should the project fail, Uniper would have to "adjust the value of the loan it had given to finance it" and would "not be able to realize the planned interest income". CEO Andreas Schierenbeck said, "We are concerned about the development of the sanctions." Like Wintershall, Shell, OMV and Engie, Uniper finances 10 percent of the total costs of 9.5 billion euros – or 950 million. In March, according to Schierenbeck, Uniper paid in "all the funds we are obliged to provide".

The USA is trying by all means to prevent the already well advanced construction of 1200 kilometers of pipeline. While the USA argue that the pipeline makes Europe too dependent on Russian gas, proponents point out that the Americans are primarily interested in forcing their own gas in liquefied form onto the European market.

. (tagsToTranslate) Economy (t) Nord Stream 2 (t) Natural gas (t) Energy policy (t) Energiewende (t) Energy supply (t) Sanctions (t) USA (t) Manuela Schwesig (t) SPD (t) Mecklenburg-Western Pomerania (t) Uniper (t) energy company