Uniper Claims 13 Billion Euros in Compensation from Gazprom for Supply Interruption
Uniper is officially canceling its legally binding contracts with Gazprom, as stated in the recent announcement. The company seems doubtful about Gazprom paying off its debts, as they refer to it as "possible payments." If any payments are made, they'll go to the federal government, according to Uniper.
Uniper primarily operated in the gas industry and used to import gas from Russia. When the deliveries stopped following the attack on Ukraine in 2022, it was on the brink of bankruptcy. Fortunately, the federal government intervened with a rescue package worth 13.5 billion euros and took control of the company. By early 2023, the company recovered and recorded profits of 4.4 billion euros. It's expected that the government will start receiving repayments in 2025.
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Uniper's claim for compensation against Gazprom amounts to a staggering 13 billion Euros, stemming from the supply interruption. This arbitration award could potentially lead to billions of Euros changing hands between the two energy companies. Gazprom, being the major gas supplier to OAO Gazprom, was heavily impacted by the 13 delivery stops following the crisis in Ukraine. Uniper's claim could set a precedent in the industry, with potential consequences for future gas delivery contracts.
The compensation for damages claimed by Uniper is a significant portion of a billion Euros, emphasizing the financial impact of the delivery stoppage. The European energy market has been observed closely, with keen interest in the evolving situation between Uniper and Gazprom. The arbitration award could have far-reaching implications, not just for these two companies, but also for other energy companies dealing with similar issues in the future.
