MOSCOW, March 15. /TASS/. Germany's largest energy concern, E.ON, has fully written off its 15.5% stake in the Nord Stream gas pipeline operator, Nord Stream AG, the German company said in its annual report.
"One of [the stated reasons for writing off the stake was the] them is a possible valuation risk for financial assets, including the investment in Nord Stream AG held in pension plan assets. Amid heightened uncertainty and against the backdrop of damage to both Nord Stream 1 pipelines, this investment was written down to its fair value of zero as of December 31, 2022. This decline of about 1.2 billion euros relative to December 31, 2021, was recognized in equity in other comprehensive income in accordance with IAS 19," the document says.
Earlier, other foreign investors in the project, Wintershall Dea and Gasunie, also wrote off their shares in Nord Stream, while France’s Engie downgraded its stake to only 90 million euros.
Situation around Nord Stream
Nord Stream served as one of the main conduits for supplying gas from Russia to Europe. Due to difficulties stemming from turbine maintenance amid anti-Russian sanctions, it had recently been used only partially. The Nord Stream 2 pipeline was completed but never put into operation, also due to anti-Russian sanctions.
On September 27, 2022, Nord Stream AG reported unprecedented damage that occurred the day before on three strings of the Nord Stream 1 and Nord Stream 2 offshore gas pipelines. On September 26, 2022, Swedish seismologists registered two explosions on the pipeline routes. The Russian Prosecutor General's Office launched a criminal case based on charges of international terrorism.