Nord Stream AG
| Company type | Consortium |
|---|---|
| Industry | Natural gas pipeline |
| Predecessor | North European Gas Pipeline Company |
| Founded | November 30, 2005 |
| Fate | Operations indefinitely suspended in 2022 |
| Headquarters | Zug , Switzerland |
Area served | Europe |
| Products | Natural gas transportation |
| Owner | Gazprom International Projects LLC (51%), Wintershall Dea AG (15.5%), PEG Infrastruktur AG (15.5%), N.V. Nederlandse Gasunie (9%), Engie (9%) |
| Website | www |
Nord Stream AG—originally named the North European Gas Pipeline Company until 4 October 2006—is a consortium created to develop and manage the Nord Stream 1 underwater pipeline, which links Vyborg in Russia with Greifswald in Germany. Founded on 30 November 2005 and registered in Zug, Switzerland, the firm has delivered more than 450 billion cubic meters of natural gas to European markets since initiating operations in 2011. In 2020, Germany's Federal Network Agency acknowledged Nord Stream's crucial contribution to the continent’s energy stability.
Gas flow was halted on 31 August 2022, initially explained as a maintenance pause lasting three days. Nevertheless, on 2 September 2022, Nord Stream AG declared an indefinite suspension of operations citing a turbine failure at the Portovaya compressor station. On 26 September 2022, both pipelines of Nord Stream 1 suffered permanent sabotage damage. At the same time, due to the Russian invasion of Ukraine, Germany revoked permits for Nord Stream 2, which was fully constructed but never commissioned; one of its pipelines was also destroyed during the sabotage incident.
The ownership breakdown of Nord Stream AG includes:
- Gazprom International Projects LLC (a Gazprom subsidiary) – 51%
- Wintershall Dea AG – 15.5%
- PEG Infrastruktur AG (subsidiary of E.ON) – 15.5%
- N.V. Nederlandse Gasunie – 9%
- Engie – 9%
On 1 March 2010, French energy firm GDF Suez (which rebranded as Engie in 2015) purchased a 9% share from Gazprom, adjusting Wintershall and E.ON’s stakes to equal portions of 15.5% each.