Reuters: Nord Stream 2 partners rework funding after JV collapses

• Western partners in the Nord Stream 2 gas pipeline extension to Europe are examining funding alternatives after Poland's cartel office recently blocked its clearance, Reuters reports.
• Gazprom's (OTCPK:OGZPY) five Western joint venture partners - Royal Dutch Shell (RDS.A, RDS.B), Austria's OMV (OTCPK:OMVJF), France's Engie (OTCPK:ENGIY) and Germany's Uniper and Wintershall - pulled out of the financing to avoid a drawn-out battle but vowed to help keep the project alive, saying Europe's gas production was declining and wanting to secure a share of future business.
• Reuters reports that the most likely options now could be to dilute current rights as equity participants to put the JV out of the Polish agency's reach, raising bank debt, or issuing loans to Gazprom with higher interest; to help with cash, partners could commit to volumes and pay up front when the gas is put into the pipeline.
• Opponents say Nord Stream 2 could tie Europe indefinitely to Russia at a time when gas sources are plentiful; U.S. VP Biden today called the pipeline a "bad deal" for Europe.