Gazprom Rejects Uniper's Claims for Billions in Compensation Over Undelivered Gas
(Reuters) — The export arm of Russia's Gazprom on Wednesday denied it was in breach of contract regarding gas supplies to Germany's Uniper, after Uniper launched arbitration proceedings in a bid to claim back billions of extra costs over undelivered gas supplies.
Gas has been at the center of a geopolitical row between Russia and Europe since Moscow invaded Ukraine in February. The West has accused Russia of cutting supplies, trying to freeze Europe and stoke a cost-of-living crisis in a bid to undermine its support for Ukraine.
Gazprom stopped supplying gas to Germany at the end of August, when it shut down the Nord Stream 1 pipeline that was previously the main gas link between Russia and Germany.
The Germany company, which is in the process of being nationalized in a state bailout to survive the energy crisis triggered by the Ukraine war, puts the cost of replacing Russian gas at around 11.6 billion euros ($12.02 billion) to date.
Gazprom said it intended to defend itself against claims.
"Gazprom Export does not recognize any violation of contract or the legality of Uniper's stated claims for damages," it said in a statement.
"We are studying the statement and will defend our interests within the legal framework," it added.
In the first nine months of 2022, Uniper reported a 40 billion euro ($39.3 billion) net loss, the biggest in German corporate history. Part of that was down to higher costs of replacing lost Russian gas supplies on the more expensive spot market.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments