Uniper to honour Russian gas contracts
German utility writes off Nord Stream 2 investment but cites supply security for maintaining contractual supply
Germany’s Uniper will not cancel its import contracts with Russia’s Gazprom on the grounds of maintaining European gas supply security. But it will record a full impairment loss on its financing of the ill-fated Nord Stream 2 pipeline, resume the sales process of its Russian power generation arm as soon as possible and sign no more agreements for Russian gas imports. Uniper, majority-owned by Finnish utility Fortum, has c.35.7bn m³ of gas under multi-year long-term supply deals, of which 19.3bn m³ is Russian. “Uniper sees it as its mission to do everything in its means to supply people in Germany and Europe with energy… especially in these volatile times, the firm says, promising to “continu
Also in this section
20 May 2024
Not for the first time, a foreign oil company-led project in Iraq’s Kurdistan region is dealing with the aftermath of a deadly drone attack
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way