A once-in-a-lifetime opportunity for the US and Europe to "awaken" Nord Stream 2, does Russia want this too?

The Wall Street Journal reported that investor and businessman Stephen P. Lynch discussed with US senators, Treasury officials and state officials the possibility of the world's leading economy owning the Nord Stream 2 pipeline.

Pipeline installation work for the Nord Stream 2 project in Lubmin, northeastern Germany. (Source: AFP)

Specifically, Mr. Stephen P. Lynch has asked US officials to allow bidding on Russia's Nord Stream 2 gas pipeline if it is auctioned in a Swiss bankruptcy court.

“This is a once-in-a-lifetime opportunity for the United States and Europe to control energy supplies for the rest of the fossil fuel era,” he stressed.

Businessman Stephen P. Lynch believes that a peace agreement between Russia and Ukraine is very likely to be reached during Mr. Trump's second term.

This suggests that the flow of gas from Russia to Germany could restart once again.

The Wall Street Journal reported that Mr. Lynch applied for a license from the US Treasury Department in February 2024.

The license would allow the businessman to negotiate the acquisition of Nord Stream 2 AG, the Swiss-based operator that controls Russia's Nord Stream 2 gas pipeline.

Nord Stream 2 AG was sanctioned by the US after the Russia-Ukraine conflict began in February 2022.

In June 2024, a Swiss court extended Nord Stream 2 AG’s bankruptcy proceedings until January 2025. If the company fails to restructure its debt by then, it will face bankruptcy. However, experts predict that Nord Stream 2 AG will have difficulty doing so.

Once the conflict is over, both Russia and its former European customers will want to start the Nord Stream 2 pipeline, regardless of who owns it, argues businessman Lynch.

Mr. Lynch believed he could buy the pipeline very cheaply. The pipeline was once valued at about $11 billion.

"Many investors will not participate in the auction because of concerns about the complex geopolitical issues associated with Nord Stream 2," the businessman said.

Mr. Lee Wolosky, former special advisor to President Biden, commented: "The upcoming administration of President Joe Biden and the administration of President Donald Trump can agree on the issue of purchasing this pipeline."

Construction of Nord Stream 2 was completed at the end of 2021. However, the gas pipeline with a design capacity of 55 billion cubic meters per year was not put into operation.

In September 2022, a series of explosions occurred on the Nord Stream 1 and 2 pipelines in the Baltic Sea. The culprit is still unknown.

About Mr. Lynch, according to the Wall Street Journal , this 57-year-old businessman has settled in Moscow for two decades. In 2019, he moved to live in Miami, Florida, USA.

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