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
7 February 2025
The history of tin production and prices offers a preview of the future oil market. If correct, $35/bl could become the new normal for crude for several years without further OPEC+ intervention
7 February 2025
Changing oil demand patterns mean different downstream economics amid switch to naphtha, LPG and other petrochemicals
6 February 2025
Policy initiatives will take time to reverse declining output, and restoring investor confidence is far from certain
6 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors