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    German gas giant reports steep losses from Russian squeeze

    BERLIN (AFP) – German energy giant Uniper yesterday reported heavy first-half losses which it blamed on Russia squeezing gas deliveries in the wake of the Ukraine war.

    The company, which accepted a government rescue package last month, said that it had recorded a net loss in the first six months of the year of EUR12.3 billion (USD12.5 billion).

    “Uniper has for months been playing a crucial role in stabilising Germany’s gas supply at the cost of billions in losses resulting from the sharp drop in gas deliveries from Russia,” CEO Klaus-Dieter Maubach said in a statement.

    The German government agreed in late July to take an around 30-per-cent stake in Uniper, which was threatened with bankruptcy as a result of the crisis.

    The landfall facility of the Nord Stream 1 Baltic Sea pipeline. PHOTO: AP
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