LNG

Uniper, the German utility almost brought down by the stoppage of pipeline natural gas supplies from Russia’s Gazprom and which is now importing LNG at Germany’s North Sea port of Wilhelmshaven, said it was considering the legal implications of the seizure of its assets in Russia.

Feb 17 (LNGJ) - Uniper, the German utility almost brought down by the stoppage of pipeline natural gas supplies from Russia’s Gazprom, reported an annual net loss of €19.1 billion ($20.4Bln) in its earnings just published. The Düsseldorf-based company noted that it had to receive a stabilization package from the German Federal finance agency to survive. Uniper’s bad luck was compounded as it was also a buyer of LNG cargoes from the US Freeport LNG plant in Texas closed by the June 8 fire. This happened several months before Uniper completed its North Sea Wilhelmshaven LNG terminal using the floating storage and regasification unit, the “Höegh Esperanza”.

   Uniper expects profits to recover in 2023 after last year's record loss, as it now has access to LNG amid falling prices. “The exceptionally swift construction of Germany’s first LNG terminal in Wilhelmshaven has demonstrated that Uniper is a reliable partner for complex infrastructure projects,” said Klaus-Dieter Maubach, the Chief Executive of Uniper who is now stepping down.