By handing out a €6.5 billion fine against Gazprom, Warsaw antagonized Russian energy company Gazprom and European partners of the Nord Stream 2 pipeline project. The Polish Office of Competition and Consumer Protection (UOKiK) has apparently also exceeded its jurisdiction.
Düsseldorf-based energy supplier Uniper reports, the existing agreements on Nord Stream 2 have nothing to do with a joint venture, which is why the Polish laws on merger controls do not apply to them.
The initial plans were to finance the construction of the Nord Stream 2 pipeline using a joint venture. Poland was the only EU state that blocked this decision. The decision for it NOT to be a joint venture was immediately made.
The European energy company pipeline partners, instead of joining Nord Stream 2 AG (Company) as a co-partners, the are participating in the project as lenders so that Polish antitrust laws do not apply to them.
Gazprom, the majority shareholder of Nord Stream 2 AG, gave its European partners shares in the company as a mortgage for the financing provided. If the loans from the Russian side are not paid, the European corporations automatically become the owners of Nord Stream 2 AG. Referring to this fact, Polish antitrust authorities declared the European partner companies to be quasi-shareholders in the pipeline project.
Poland's UOKiK says this justifies the exorbitant fine against Gazprom and the fines of around €55 million against Uniper (German), Wintershall (German), Engie (French), OMV (Austrian) and Shell (English-Dutch). Gazprom will take their fine to court.
The goal to cancel Nord Stream 2 explains why Polish authorities published their decision in early October. Europe needs more Russian energy, which is why Nord Stream 2 is a critical project. A penalty against Gazprom is a Russian problem, but fines against leading corporations from Germany, France, the Netherlands, Great Britain and Austria are angering Europe’s biggest capitalists. angered. There is little doubt the almost completed Nord Stream 2 project will be completed.
