Uniper Awarded €13 Billion in Damages From Losing Russia Gas [BNN Bloomberg (Canada)]
OMV AG BEARER SHS S/ADR (OMVKY)
NASDAQ:AMEX Investor Relations:
omvpetrom.com/portal/01/petromcom/petromcom/omv_petrom/investor_relations/omv-petrom-shares-gdrs/shareholding-and-stock-listing-history/!ut/p/b0/04_sj9cpykssy0xplmnmz0vmafgjzoin_e0tar0cny1cddw9pxw93hwndsbapzg1t78g21erac3xr1e!
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Source: BNN Bloomberg
An arbitration ruling on June 7 enabled the German company to terminate its long-term supply contracts with Gazprom, some of which ran until the mid-2030s, according to a statement Wednesday. Uniper was nationalized by the government in December 2022 in one of the largest corporate bailouts in German history. Gazprom had stopped delivering gas via pipelines, forcing the company to pay record prices for alternative supplies. “Any amounts would flow to the German federal government,” Michael Lewis, chief executive officer of Uniper said, referring to the damages. “It is not yet clear whether significant amounts are to be expected.” Uniper only received limited gas volumes from Russia since June 2022, and has received none since the end of August 2022. Uniper sued Gazprom the same year. Gazprom didn't immediately comment to a request for comment. Separately, Austrian energy company OMV AG warned last month that flows from Russia could be disrupted. The energy giant said a Euro
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