Thursday, September 29

Gazprom unit granted extension on Nord Stream 2 debt restructuring moratorium until Jan

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The Swiss-based unit of Russian gas giant Gazprom which built the Nord Stream 2 pipeline from Russia to Germany has received a provisional extension of its debt restructuring moratorium until January 2023, court filings showed on Thursday.

Court filings published by the Swiss Official Gazette said that the extension for Nord Stream 2 AG was granted until Jan. 10th. The moratorium was otherwise scheduled to end on Sept. 10, according to filings.

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Nord Stream 2 last year completed the $11 billion project, designed to double the capacity to pump gas from Russia to Germany.

But in February Germany halted the pipeline after relations with Moscow broke down ahead of Russia’s invasion of Ukraine and the United States has sanctioned Nord Stream 2, leaving the company in financial difficulty. Moscow calls its actions in Ukraine “a special military operation.”

(Reporting in Melbourne by Lidia Kelly; Editing by Kenneth Maxwell)

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