The firm announced a complete withdrawal from the country by the end of the year
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German industrial manufacturing giant Siemens Energy may continue to service Russia’s Nord Stream 1 natural gas pipeline despite plans to cease operations in the country this year, the company’s CEO Christian Bruch said on Monday.
“We can continue some existing operations in Russia, such as servicing equipment for Nord Stream 1 to ensure stable gas supplies to Europe,” he was cited as saying by the news agency TASS.
Siemens is responsible for maintaining the turbines of the Portovaya compressor station for Nord Stream 1 and is currently in the process of returning one of the parts to Russia following repairs. However, delivery of the equipment has been delayed for several weeks now due to sanctions. The turbine was first held up in Canada, where it underwent repairs, and then in Germany, where it is currently stuck in transit.
Bruch also warned on Monday that his company is expected to suffer a deeper than previously expected net loss due to its planned withdrawal from Russia.
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According to a statement issued by the company on Monday, Siemens intends to complete its withdrawal from Russia this fall.
“Siemens Energy began restructuring its business in Russia in the third quarter of 2022 [April – June 2022]. It is expected to be completed by the end of the current fiscal year,” the statement said.
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