Uniper alleges that its long-term Russian partner Gazprom has brought it to the brink of insolvency by withholding gas, prompting 19 billion euros ($18.97 billion) of support pledges from the government, which still may not be enough.
Here is how Uniper ended up in such dire straits.
Uniper hints at a majority participation by the German government, as the government bailout to date looks not to be enough to cover the cost of replacing falling gas receipts from Russia, and shares fall to all-time lows.
Uniper is weighing legal proceedings against Gazprom in a Swedish arbitration court.
Germany sets the gas levy that would allow Uniper and its rivals to pass on 90% of spiralling gas prices to customers.
The German government agrees to a 15 billion euro Uniper rescue deal and to more than quadruple a credit line with state-lender KfW (KFW.UL).
Uniper withdraws 2022 outlook and calls for bailout.
Uniper hit by 3 billion euros first quarter net loss, posts impairments related to its Russian generation unit
Uniper tries to appease investor concerns by signalling exit from Russia and sale of its 83.7% Unipro stake.
Uniper says it will propose a 95% cut in its 2021 dividend. read more
Russia on Feb. 24 invades Ukraine, calling it a “special military operation” to disarm its neighbour.
Uniper secures credit facilities worth 10 billion euros from main shareholder Fortum and German state bank KfW plus 1.8 billion euros in bank loans in a precautionary move to address high prices and volatility.
Global gas markets became tight in a post-COVID recovery and Russia started sending less westwards, pointing to the imminent start of the Nord Stream 2 pipeline.
Uniper represents the legacy business of Ruhrgas which E.ON took over in 2003 and fully absorbed in 2013.
The purchase which cemented joint German-Russian trade and hydrocarbon exploration links was opposed by the cartel office and by some as pandering to pro-Moscow business interests.
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