Uniper gets less gas after Russian Gazprom slashes supply

Uniper, a subsidiary of Finnish state-owned energy company Fortum, is getting even less Russian gas after Russia's state-owned utility Gazprom further reduced flows via the Nord Stream 1 pipeline, reported German news agency dpa, quoting a spokesperson on Tuesday.

Uniper is only receiving one third of its contractually guaranteed gas supplies from Russia, down significantly from the 40% it was still receiving on Monday, the spokesperson said.

Despite the reduction, no gas will be withdrawn from the storage facilities. Uniper is organizing replacements through other channels, the spokesperson added.

Only six days after the resumption of gas supplies from Russia through the pipeline after routine maintenance work, Gazprom plans to reduce the gas volume to 20% of maximum capacity.

Last week, the German government announced it was taking a 30% stake in Uniper, the country's largest importer of Russian gas, as part of a multibillion-euro bailout in the face of gas shortages.

The utility has been hit hard by the reduction in gas supplies from Russia. To fulfil its contracts, the company has resorted to buying more expensive gas on the open market, which has led to major liquidity problems.

Earlier on June 18 Uniper has drawn on its €2 billion credit facility from Germany's state-owned KfW bank.

Minister for European Affairs and Ownership Steering Tytti Tuppurainen on 14 July visited Berlin and discussed the financial difficulties facing energy company Uniper with German Minister for Special Affairs and Head of the Chancellery Wolfgang Schmidt and State Secretary for Financial Market Policy and European Policy Jörg Kukies.

Earlier on July 8, Fortum's subsidiary Uniper seeks German government support.