Uniper examines the financial impact of the suspension of Nord Stream 2

The logo of German energy services company Uniper SE is pictured at the company’s headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo Schmuelgen

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  • Uniper financed 950 million euros for the pipeline
  • Warned of a risk of depreciation in the past
  • Nord Stream 2 was suspended on Tuesday

FRANKFURT, Feb 23 (Reuters) – German utility Uniper (UN01.DE), one of Gazprom’s Nord Stream 2 backers, said on Wednesday it was assessing the impact of the pipeline suspension on its finances and assets.

Uniper, which is majority-owned by Finland’s Fortum (FORTUM.HE), said the recent escalation of the Ukraine crisis meant Nord Stream 2 “may be further delayed or otherwise affected”, and it was constantly monitoring the situation.

Uniper’s comments come a day after Germany shut down Nord Stream 2, which would double the flow of Russian gas to Germany, after Russia officially recognized two breakaway regions in eastern Ukraine. Read more

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German Chancellor Olaf Scholz said that in light of recent events, the country’s economy ministry must provide a new assessment to determine whether the pipeline poses a risk to Europe’s energy supply, a key requirement of the certification process. .

Uniper is one of five companies that have each injected 950 million euros ($1.08 billion) into the pipeline and have warned in the past that they may have to cut the loan to Nord Stream 2 if the project could not be completed.

Austria’s OMV (OMVV.VI) said a day earlier that it currently sees no need for write-downs for its Nord Stream 2 stake.

The three remaining co-investors in the Gazprom-owned pipeline are oil major Shell (SHEL.L), France’s Engie and Germany’s Wintershall Dea (WINT.UL).

($1 = 0.8830 euros)

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Reporting by Christoph Steitz Editing by Miranda Murray

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