Embattled German gas importer Uniper (UN01.DE), the subject of consultations between the German and Finnish governments, has drawn down its 2 billion euro ($2.03 billion) credit facility from Germany’s state-owned KfW bank, it said on Monday.
Uniper said it took the step due to disruptions in the supply of Russian gas and the corresponding effects on the energy markets and exchanges.
The company said how long the credit facility would last would depend on market developments, adding that it was in close contact with its banks and the German government aiming to ensure the company’s financial stabilisation.
Germany’s biggest gas importer, became the subject of urgent consultations between Berlin and Helsinki after it asked Berlin for a bailout to tackle financial problems caused by the scarcity of gas and sky-rocketing prices.
State-dominated Finnish utility Fortum (FORTUM.HE) holds a 78% stake in Uniper.
A Finnish government minister’s visit to Berlin last week did not yield a clearer timeline for a solution to Uniper’s financial problems, according to a German Economy Ministry spokesperson.
($1 = 0.9859 euros)