German Uniper Win Multibillion-Dollar Arbitration Against Gazprom
Date
6/12/2024 3:12:34 PM
(MENAFN- AzerNews)
By Alimat Aliyeva
German utility company Uniper has won a multibillion-dollar
arbitration against Russian Gazprom. This will allow it to
terminate invalid gas supply contracts, Azernews
reports.
The German government had to rescue Uniper in 2022 after Gazprom
first cut and then halted supplies, forcing the group to buy
replacement volumes at sky-high prices on the spot market.
Uniper stated that the decision of the arbitration court in
Stockholm on June 7 allowed it to terminate existing supply
contracts, which legally still exist, even despite the lack of gas
supplies.
The tribunal also awarded the firm more than 13 billion euros in
compensation for the volumes of gas that Gazprom has not supplied
since mid-2022.
"This decision provides legal clarity for Uniper. Having the
right to terminate, which we received in the arbitration decision,
we terminate contracts with Gazprom Export," said Uniper CEO
Michael Lewis.
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