The Board of Directors of the Russian Gazprom gas monopoly on Wednesday, November 9, decided to terminate the Nord Stream 2 shareholder agreement, the company said on Friday, according to Prime news agency.
European companies Engie, OMV, Shell, Uniper and Wintershall are Gazprom's partners in the project. They were to become shareholders (with 10% of the shares) of the Nord Stream 2 project company, which is currently fully owned by Gazprom.
While the German anti-trust regulator gave its approval for the establishment of such a joint venture, the Polish counterpart expressed objections at the end of July. In early August, the project partners reported that they had decided to withdraw the notification filed in Poland to establish a joint venture. Now the parties are looking for a new model of the project.
The North Stream 2 project involves the construction of two pipeline strings with a total capacity of 55 billion cubic meters of gas a year from the Russian coast through the Baltic Sea to Germany. The new pipeline is planned to be built near the Nord Stream 1.