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German Uniper signalled an exit from Russia, writes off Nord Stream 2 loans

The company is one of Europe’s biggest importers of Russian gas

German Uniper signalled an exit from Russia, writes off Nord Stream 2 loans

Source: Uniper

Düsseldorf, March 10 - Neftegaz.RU. One of the biggest European buyers of Russia’s natural gas Uniper will not make any new investments in Russia and will record a full impairment loss of $1.07 billion on its loan to the Nord Stream 2 gas pipeline.
Finally, Uniper will not extend its Russian coal supply contracts that expire at the end of 2022.

The company's long-term import contracts with Russia play an essential role for gas supply in Europe, especially in Germany, covering over a 3rd of the almost 50 bcm imported from Russia in 2021.

Uniper, which has a portfolio of around 370 TWh of long-term gas supply contracts, including 200 TWh with Russia, will continue to supply Russian gas to Europe under the existing contracts, but will not enter into new long-term gas supply contracts with Russia.

Uniper CEO Klaus-Dieter Maubach said:
  • Especially in light of our long-standing business relations with Russia, we are shocked and moved by these unprecedented developments,
  • Due to the existing contracts with Russia or Russian companies, we bear a special responsibility not only for ourselves, but also for large parts of German industry and many people in Germany and across Europe
  • 2 things need to be done now: maintain the existing energy flows and at the same time find ways and means to make the gas supply for Germany and Europe more diverse in the short-, medium- and long-term and thus less vulnerable to geopolitical risks
  • In the short-term, we have resumed work on a national LNG import terminal in Wilhelmshaven and are fully supporting the German government in this, as well as other projects
Uniper is the majority owner of Russian company Unipro with 83.73%, which it intends to divest.
Russian Unipro operates 5 power plants with a total capacity of over 11 GW in the country with its approximately 4 300 employees.
Uniper also said it will not transfer any funds to Unipro until further notice.

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