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Gas - Uniper wants billions in compensation from Gazprom

Gas – Uniper wants billions in compensation from Gazprom

The Dusseldorf utility Uniper, which is on the verge of nationalization, wants to sue Russia’s Gazprom group for damages worth billions due to a lack of gas shipments. “Uniper has started arbitration proceedings,” CEO Klaus Dieter Maubach told reporters in Dusseldorf on Wednesday. Gas replacement costs have so far amounted to 11.6 billion euros. This amount will continue to increase until the end of 2024.

Mobach said the procedure must take place before an international arbitration tribunal in Stockholm. Whether this is so depends on Gazprom’s willingness. Both sides will have to agree on an arbitrator. If necessary, Uniper will also go to the courts in Germany. “We are following these measures very strictly,” Mobach said. “We owe it to our shareholders, employees and taxpayers.”

Unipro Sale Agreement lacks approval

Uniper has been suffering significant losses for months because the group has to find expensive replacements for lost gas shipments from Russia. In the first nine months of this year, Dusseldorf residents collected 40 billion euros minus. Now the state is supposed to take over the company. He has put together an aid package worth billions. “We want and want to pay off our loans,” Mobach stressed. Uniper aims to appear in the black again by 2025. At the earliest, the exit of the state will also be a problem.

“Exit is the goal of the federal government.” The shareholders are scheduled to decide on the nationalization on December 19 at an extraordinary general meeting. The EU Commission has yet to give the green light. Maubach assumes that there will be conditions for this.

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He also announced that Uniper would separate its Russian subsidiary Unipro from the rest of the group as much as possible. The financial flows and IT systems have already been encapsulated. The subsidiary with about 5,000 employees is still for sale. A deal has been agreed with a local buyer. Political approval for this is still pending and uncertain. (Reuters)