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1 min read . Updated: 08 Mar 2022, 09:49 PM IST German utility company Uniper SE said Tuesday that it won’t make any new investments in Russia, and that it will record a full impairment loss of 987 million euros ($1.07 billion) on its loan to the Nord Stream 2 gas pipeline.
The company said that the impairment loss will affect results in the first quarter of the current year, and that it will stop accruing interest income of around EUR100 million a year. Nonetheless, the impairment loss won’t be relevant to adjusted earnings, and the forecast which the company provided on Feb. 23 remains unchanged, it said.
Uniper had started a divestment process for its Russian subsidiary Unipro at the end of last year. The company said it will restart the process when possible, after it was halted as a result of Russia’s war against Ukraine.
The company also said it will be able to use assets such as gas storage facilities in case gas flows from Russia are curtailed. It said that it is increasing its liquefied-natural-gas portfolio, and that it plans to bring it directly to the German market in order to diversify its gas portfolio as requested by the German government.
This story has been published from a wire agency feed without modifications to the text
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