Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Reuters: US military carried out a new strike targeting a ship in the Caribbean Sea
Al Mayadeen's correspondent: Israeli raids targeted a cement plant, an asphalt factory, and fuel tanks in the Ansar area in South Lebanon
Al Mayadeen's correspondent: A series of violent Israeli raids targeted the outskirts of the town of Ansar
Al Mayadeen's correspondent: Israeli warplanes raided the outskirts of the town of Shmestar in Bekaa, eastern Lebanon
Donald Trump will speak with Russian leader Vladimir Putin on Thursday: White House
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes raid the town of Bnaafoul, Saida district
YAF: Israeli enemy will pay for this crime.
Yemeni Armed Forces: Son of Major General Al-Ghamari martyred alongside him in Israeli aggression.
Yemeni Armed Forces: YAF mourns martyrdom of Chief of the General Staff Mohammad Abd al-Karim al-Ghamari.
Al Mayadeen's correspondent: Palestinian shot and killed by IOF east of Al-Bureij camp in the central Gaza Strip

Germany confirms nationalization of gas importer Uniper

  • By Al Mayadeen English
  • Source: Agencies
  • 21 Sep 2022 16:42
3 Min Read

The repercussions of the West’s draconian sanctions against Russia land Berlin in hot water as it struggles to secure power for Europe's largest economy.

  • x
  • The Uniper logo is seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. (REUTERS)
    The Uniper logo seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022 (Reuters)

Germany confirmed the nationalization of struggling gas importer Uniper on Wednesday, adding another $7.9 billion to its rescue as Berlin struggles to secure power for Europe's largest economy in the aftermath of the West’s draconian sanctions against Russia.

Nationalizing Germany's largest importer of Russian gas is the government's second step in a week to take control of an energy company, and it is part of a broader European response to the winter crisis, which includes France taking over EDF.

Uniper, whose shares fell as much as 39% to 2.55 euros, depleted its cash reserves by purchasing alternative supplies after Moscow cut gas supplies to Germany, triggering a 15 billion euro state rescue package in July.

However, as with other European energy companies that have struggled to cope with soaring gas prices, it quickly became clear that the bailout was insufficient to cover Uniper's growing losses, and Germany will now inject even more cash, partly by buying out Finnish utility Fortum's stake for 1.70 euros per share.

Fortum shares were trading at 13.82 euros, up about 14%.

Related News

German gas giant begging for state funding

UK Gov. to take measures over extraordinary profits in energy sector

Germany will own 99% of Uniper after completing a capital increase and the Fortum share purchase, which excludes the Finnish firm's subscription rights, according to the German Economy Ministry.

Under Wednesday's agreement, Fortum will not bear Uniper's third-quarter losses, as it would have done under the July agreement. This will save Fortum 5 billion euros.

Germany’s winter energy crisis

The German government has lately approved a $64.7 billion relief package, which includes continued cheaper public transport and tax breaks for energy-reliant companies, as they have been affected the most by the biggest surge in prices.

According to the Federal Statistical Office, Germany's inflation rose to almost 8% in August after declining slightly in the months of June and July.

The consecutive sanctions against Moscow prompted a race against the clock to diminish Germany's reliance on Russian gas before winter.

13 EU nations have either ceased getting Russian gas entirely or are only receiving a portion of it due to the temporary blockage of the Nord Stream pipeline 1, according to TASS.

This is the third relief package by the German government this year. The two previous ones included a gasoline rebate that expired at the end of August, the €9 transportation ticket, and an energy price flat payment to workers.

  • Russia
  • Germany
  • Gazprom
  • Ukraine
  • Uniper
  • Russian Gas
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Palestinian journalist Saleh al-Jaafarawi in an undated image in Gaza, occupied Palestine (Social media)

Gaza Palestinian journalist Saleh al-Jafarawi killed by collaborators

  • Politics
  • 12 Oct 2025
drop site

New report details extensive Israeli arson in Gaza after ceasefire

  • Politics
  • 13 Oct 2025
Illustration of fists breaking shackles, representing the liberation of Palestinian detainees from Israeli prisons. (Illustrated by: AL Mayadeen English/Batoul Chamas)

4 prominent Palestinian detainees to be freed: Who are they?

  • Palestine
  • 13 Oct 2025

Coverage

All
War on Gaza

Read Next

All
The bodies of deceased Palestinians, held by Israel during the war, lie in plastic bags on the floor of Nasser Hospital in Khan Younis, Gaza, following their release, Wednesday, Oct. 15, 2025 (AP)
Politics

'Israel' returns 30 Palestinian bodies; some bear marks of torture

Gaza buried under 70 million tons of war debris as crisis deepens
Politics

Gaza buried under 70 million tons of debris, 20,000 lingering UXOs

Ex-White House adviser Ashley Tellis charged over secret files
Politics

Ex-White House advisor accused of amassing troves of top secret files

An Israeli soldier rests by a mobile artillery unit at a gathering point on the border with the Gaza Strip, in southern “Israel”, Saturday, Oct. 11, 2025. (AP)
Politics

Global arms bans isolate 'Israel', yet its war machine keeps running

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS