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Engie says valuation of its share in Nord Stream AG down €474 mln in 2022 to €90 mln

Engie owns Europe’s largest gas transport chain and it is the biggest operator of underground gas storage facilities in Europe in terms of capacity

MOSCOW, February 21. /TASS/. The valuation of Engie’s share in Nord Stream AG went down by €474 mln in 2022 to €90 mln as a result of pipeline damage, the French energy company said in its annual report on Tuesday.

"The minority interest held by the group in Nord Stream AG is now valued at €90 million, down €474 million compared to December 31, 2021. This decrease is a result of damage to the pipeline and due to the heightened risk profile of Nord Stream’s single customer, Gazprom," the report said.

The company also posted the impairment loss recognized on the loan related to the financing of the Nord Stream 2 pipeline project in the amount of €987 mln.

Engie owns Europe’s largest gas transport chain and it is the biggest operator of underground gas storage facilities in Europe in terms of capacity. The company is one of shareholders of Nord Stream AG, the operator of Nord Stream gas pipeline (Gazprom owns 51%, Wintershall Dea and E.ON - 15.5% each, Gasunie and Engie - 9% each). It also acted as one of European investors of the Nord Stream 2 project.

Earlier, the Nord Stream AG company reported that three lines of the Nord Stream 1 and 2 offshore gas pipelines suffered unprecedented damage on September 26, 2022. Swedish seismologists later revealed that two explosions were recorded along the Nord Stream pipelines on September 26. The Danish Energy Agency reported that a large amount of gas had spilled into the sea. On November 18, the Swedish prosecutor’s office stated that the gas pipeline blasts were an act of sabotage and that an investigation was underway.