German energy giant Uniper victim of Russian gas crisis?

Klaus-Dieter Maubach, CEO of Uniper, one of Germany's largest listed energy supply companies, speaks to the media in Duesseldorf, Germany, July 8, 2022. Uniper, which was Germany's largest customer Russian Gazprom, has been hit hard by the reduction in Russian deliveries since mid-June, and has an urgent need for cash.

REUTERS - WOLFGANG RATTAY

Text by: RFI Follow

1 min

The German state had saved Commerbank during the 2009 crisis and the airline Lufthansa during the Covid pandemic.

It will soon be the turn of Uniper, a major player in the gas market.

The company had recourse on Monday July 18 to a loan from a German public bank, but that will not be enough.

A major rescue will have to be put in place quickly.

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With our correspondent in Berlin

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Uniper is the leading importer and storer of gas.

Its bankruptcy would cause an economic earthquake.

But Uniper is losing tens of millions of euros a day.

The company has signed long-term contracts with its customers on the price of gas.

However, purchase prices have exploded and Russian deliveries have fallen significantly.

Uniper therefore has to spend much more on its purchases without being able to pass on its additional costs to its customers. 

Uniper has activated a two billion euro credit line granted by a German public bank.

But a full-scale bailout is inevitable with German state involvement.

But discussions are difficult with the majority shareholder of Uniper half-owned by the Finnish state.

Berlin would like Helsinki to also put their hands in the wallet, which the Scandinavians are not ready to do.

They would prefer to get rid of a subsidiary with heavy losses, which would force Germany to pay the slate alone. 

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