Uniper’s CEO met with the Putin administration in Moscow as recently as November
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
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
