US investor requests permission to buy sabotaged Russian pipeline

(MENAFN) Stephen Lynch, an American financier with extensive business experience in Moscow, has reportedly requested permission from the US government to purchase the Nord Stream 2 gas pipeline, which was damaged by sabotage in September 2022. Lynch has asked the US Treasury Department for authorization to bid on the pipeline if it goes up for auction next year. He views the acquisition as a unique opportunity for the US and Europe to control European energy supplies for the long term, especially in the fossil-fuel era.
The pipeline, originally designed to boost Russian gas exports to the EU, is currently idle as its Swiss-based operator struggles with potential insolvency. Moscow has suggested that the US may have benefited from the sabotage, with some accusing the CIA of orchestrating the attack with help from Norway's Navy. Lynch believes he could acquire the pipeline, valued at $11 billion, at a significant discount during the bankruptcy proceedings of its operator, Nord Stream 2 AG, in early 2025.
Lynch, a notable supporter of US President-elect Donald Trump, is seeking a Treasury license to negotiate with entities under US sanctions. He suggests that after the end of the Ukraine conflict, Russia and European nations might find it tempting to revive the pipeline, regardless of its new ownership. Lynch has previously secured approval from the US government to acquire a stake in the Swiss subsidiary of Russia's Sberbank in 2022.

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