German energy company prosecutes Gazprom in Russia| MENAFN.COM

Thursday, 09 February 2023 02:45 GMT

German energy company prosecutes Gazprom in Russia


(MENAFN) The largest gas importer from Germany, Uniper, announced on Wednesday that it has started an arbitration process and is suing Russia's Gazprom for unfulfilled natural gas for billions of euros.

The soon-to-be-nationalized company estimates that replacing Russian supplies has already cost it about euro11.6 billion (USD12.02 billion), and that the cost is going to continue to rise through the end of 2024.

Klaus-Dieter Maubach, chief executive of Uniper, declared that “we are claiming recovery of our significant financial damages in these proceedings. It's about gas volumes that were contractually agreed with Gazprom but not delivered and for which we had to procure replacements at extremely high market prices and still have to do so.”

Russian company Gazprom Export confirmed that Uniper had started arbitration proceedings, but added that it did not acknowledge any contract violations or the validity of the stated damage claims.

Initially, Russia blamed the decline in shipments on the maintenance of turbines on the Nord Stream 1 pipeline that had to be stopped because of sanctions put in place by Western nations. Later, in September, a portion of the pipeline was destroyed by explosion, rendering it useless.

MENAFN01122022000045014146ID1105253835


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.