Uniper draws down €2 billion in credit
July 18, 2022
German energy giant Uniper said Monday that it drew on a previously approved public credit facility amid the ongoing gas crunch.
The firm is now in contact with banks and the German government with the goal of ensuring financial stabilization, Uniper said.
The Düsseldorf-based firm is one of the biggest importers of Russian gas. The company has resorted to buying more expensive gas on the market following Russian moves to curtail supplies to Germany.
What did Uniper say?
Uniper said it "drew down €2 billion ($2 billion) under its existing credit facility" from public lender KfW and that the option has been used "in full."
The credit facility was granted to Uniper earlier this year and implemented "in reaction to continuing supply disruptions of Russian gas," the firm said.
Uniper CEO Klaus-Dieter Maubach said in early July that the company "cannot endure for long" under current conditions.
Finnish parent Fortum involved
Bailout talks with the German government have involved Uniper's Finnish parent, Fortum, which is majority-owned by Finland's government. Last week, Fortum said it was forced to consider all options to ensure the security of European energy markets.
Finnish cabinet member Tytti Tuppurainen, who is responsible for policy related to government-owned companies, visited Berlin last week for talks.
Fortum's operation of a nuclear plant in Sweden and interests in Russian coal projects has sparked controversy among German lawmakers. Green lawmaker Anton Hofreiter argued in comments for the Süddeutsche Zeitung newspaper that any bailout would have to ensure that taxpayers' money isn't "misused."
sdi/dj (AFP, dpa, Reuters)