German energy major Uinper reports significant losses due to...| MENAFN.COM

Friday, 07 October 2022 03:20 GMT

German energy major Uinper reports significant losses due to squeeze from Russia

(MENAFN) German energy firm Uniper on Wednesday revealed significant losses for the first half of the year, which it attributed to Russia restricting gas shipments in the wake of the Ukraine War.

The corporation, which accepted a government rescue plan last month, reported a net loss of 12.3 billion euros ($12.5 billion) for the first half of the year.

“Uniper has for months been playing a crucial role in stabilizing Germany’s gas supply at the cost of billions in losses resulting from the sharp drop in gas deliveries from Russia,” CEO Klaus-Dieter Maubach stated in an announcement. The German government decided in late July to take an around 30-percent stake in Uniper, which was endangered with bankruptcy as a result of the catastrophe.

Maubach stated on Wednesday that the bailout would “prevent a chain reaction that would do much more damage.”

“Our top priority now is to swiftly implement the stabilization package,” he noted.

Chancellor Olaf Scholz interrupted his summer holiday to declare the rescue scheme, calling Uniper a “company of vital importance for the economic development of our country and for the energy supply of our citizens.”


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