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11/30/2022, 3:21 PM (Source: TeleTrader)
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Uniper seeks redress for Gazprom's undelivered gas

Uniper SE announced on Wednesday in a statement that it had decided to take Gazprom PJSC to court over the latter's failure to deliver the agreed amount of gas supplies.

"Uniper has initiated arbitration proceedings against Russia's Gazprom Export (GPE) before an international arbitral tribunal. Uniper is claiming damages incurred by the company in connection with the gas volumes not delivered by GPE since June," the statement read. The company shared that it had to secure gas at higher prices in order to "meet its own delivery obligations to customers." These costs amounted to €11.6 billion and are expected to expand until the end of 2024.

In addition, Uniper also highlighted that it would be further distancing itself "legally and in terms of personnel," from its Russian business unit Unipro.

Baha Breaking News (BBN) / AY