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☆ Italy's Eni wins in arbitration case against Uniper -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/File Photo Acquire Licensing RightsLONDON/MILAN/FRANKFURT, Nov 27 (Reuters) - Eni has won a $600-million award after an arbitration court decided in the Italian firm's favour and against Germany's Uniper in a row over a liquefied natural gas (LNG) supply contract, three trading sources said. The 2017 annual report by the International Group of LNG Importers (GIIGNL) showed a 15-year contract under which Eni supplied Uniper with 0.65 million tonnes of LNG per annum between 2007 and 2022. Eni was not immediately available for comment. ($1 = 0.9168 euros)Reporting by Marwa Rashad, Francesca Landini and Christoph Steitz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Alessandro Bianchi, Germany's, Uniper, Eni, Marwa Rashad, Francesca Landini, Christoph Steitz, Miranda Murray Organizations: Eni, REUTERS, Sunday, International Chamber of Commerce, E.ON, International Group, Thomson Locations: Rome, Italy, MILAN, FRANKFURT

☆ Sweden plans new nuclear reactors by 2035, will share costs
▼ + stars: | 2023-11-16 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

By 2045 the government wants to have the equivalent of 10 new reactors, some of which are likely to be small modular reactors (SMRs), smaller than conventional reactors. Energy Minister Ebba Busch said the government was planning a "massive build out" of new nuclear power by 2045. "It's decisive for the green transition, for Swedish jobs and at heart for the welfare of our citizens," she told reporters. Countries like Poland, the Czech Republic, and Britain are looking at expanding nuclear power as societies transition to a fossil-fuel free future. Sweden voted to get rid of nuclear power in 1980, and has only six of an original 12 reactors still in production.

Persons: Tom Little, Ebba Busch, Elisabeth Svantesson, Busch, Finland's, Germany's Uniper, Simon Johnson, Chizu Nomiyama, Elaine Hardcastle Organizations: Rights, Energy, EDF, Thomson Locations: Swedish, Stockholm, Sweden, Rights STOCKHOLM, Poland, Czech Republic, Britain

☆ Carlsberg would rather lose its Russian business than negotiate a deal with Moscow, and it shows how hard it is for companies to exit the market
▼ + stars: | 2023-11-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The CEO of Danish brewer Carlsberg says Moscow has "stolen" its business in Russia. Moscow seized Carlsberg's assets in July, weeks after the brewer announced it had found a buyer for its Russian business. Carlsberg said it's cutting ties with its Russian business as it can't find an acceptable solution to resolve the issue. AdvertisementAdvertisementDanish brewer Carlsberg operates eight breweries and employs more than 8,000 people through its Russian unit, Baltika Breweries. However, on July 16, Russia seized Baltika.

Persons: Carlsberg, Moscow, —, Jacob Aarup, Andersen, Dmitry Medvedev, Medvedev, they'd, Baltika, Carlsberg's Organizations: Service, Carlsberg, Baltika Breweries, Carlsberg Group, Financial Times, Russian, Unilever Locations: Moscow, Russia, Carlsberg, Ukraine, British

☆ Uniper swings to $10 billion net profit as gas prices fall
▼ + stars: | 2023-10-31 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

A person stands at escalators near the Uniper logo at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsCompanies Uniper SE FollowGazprom PAO FollowFRANKFURT, Oct 31 (Reuters) - Germany's Uniper (UN01.DE), which was bailed out during Europe's energy crisis, swung to a nine-month net profit of 9.77 billion euros ($10.35 billion), boosted by falling gas prices that positively impacted future provisions. The result compares with a net loss of 40.3 billion euros in the same period last year, when ballooning costs to replace Russian gas threw the company into its biggest crisis ever, triggering a government rescue. The results come a week after Uniper detailed its outlook for 2023, expecting adjusted operating profit (EBIT) of 6 billion to 7 billion euros and full-year adjusted net profit of 4 billion to 5 billion euros. At the end of September, liabilities tied to derivatives, which grow or shrink in line with gas price developments, stood at 26 billion euros, down from 216 billion a year earlier.

Persons: Wolfgang Rattay, Jutta Doenges, Christoph Steitz, Rachel More, Kirsten Donovan Organizations: REUTERS, Gazprom PAO, Gazprom, Thomson Locations: Duesseldorf, Germany, FRANKFURT, Frankfurt, Ukraine

☆ A timeline of 5 major hurdles Russia's imposed on Western firms trying to exit the country
▼ + stars: | 2023-09-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The Russian foreign ministry did not immediately respond to a request for comment from Insider sent outside regular business hours. Some companies trying to exit Russia recently are facing demands of even steeper discounts, Reuters reported on August 25, citing three persons familiar with exit processes for foreign companies. Both firms had been trying to exit Russia for months before the seizures, before the sudden takeover. In July, Moscow targeted the Russian assets of food and beverage giants Danone and Carlsberg for seizures. A month later, in September, Russia demanded foreign banks unfreeze Russian assets if they wanted to exit the market.

Persons: Linklaters, —, Vladimir Putin's, Germany's, Fortum —, Putin, Dmitry Peskov, Alexei Moiseev Organizations: Service, Yale University, Russia, Russian, Novaya Gazeta, Companies, Kremlin, Investors, Danone, Carlsberg, Financial Times, UBS, Credit Suisse —, Zenit Bank, Reuters, Raiffeisen Locations: Russia, Wall, Silicon, Ukraine, London, Russian, Moscow

☆ Putin ordered 2 Western corporate giants to be seized after Kremlin-friendly businessmen expressed an interest in them: report
▼ + stars: | 2023-07-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Putin ordered Danone and Carlsberg seized after Kremlin-friendly businessmen expressed interest, per the FT.A Chechen leader and a businessman close to Putin have taken over the companies' assets in Russia. Russia seizing the local operations of Danone and Carlsberg was not the first time the country took control of Western firms. Managers from Rosneft, a state energy company headed by Putin ally Igor Sechin, took over both energy companies. Independent Russian newspaper Novaya Gazeta reported on Thursday, Russian businessmen bought the assets of 110 Western companies "that have fully or partially left Russia" at bargain-bin prices. Danone said in a Sunday statement it was "preparing to take all necessary measures to protect its rights as shareholder."

Persons: Putin, Vladimir Putin, Moscow, Yakub Zakriev, Ramzan Kadyrov —, Taimuraz, Igor Sechin, Ekaterina Kurbangaleeva, Kurbangaleeva, Hassan Malik, Loomis Sayles, Danone, Carlsberg Organizations: Danone, Carlsberg, Kremlin, Observers, Service, Financial Times, Vedomosti, Rosneft, Analysts, Russia's, Independent Russian, Novaya Gazeta, Carnegie Endowment, International, Boston Locations: Russia, Wall, Silicon, Russian, Moscow, Ukraine

☆ Russia ramps up its economic war with the West as it seizes local operations of 2 corporate giants
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia escalated its economic war with the West by seizing local operations of Carlsberg and Danone. They marked the second seizures of Western assets since the Kremlin unveiled a decree in April. To slow the exodus of Western firms out of Russia, the Kremlin previously mandated a steep discount for any firms trying to sell their local operations as well as an exit tax. But the recent seizures of Western assets signal a continued escalation in Russia's economic war with the West, which imposed punishing sanctions on Moscow in 2022 for its war on Ukraine. Meanwhile, 523 of the major firms in the study have permanently withdrawn from Russia, while 503 firms have temporarily suspended operations.

Persons: Vladimir Putin, Germany's Uniper, Danone Organizations: Carlsberg, Danone, Kremlin, Service, Russian, Carlsberg Group, Danone Russia, Yale School of Management Locations: Russia, Wall, Silicon, Danish, Moscow, Ukraine

☆ Moscow takes control of Russian subsidiary of Danone and Carlsberg's stake in brewer
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 16 (Reuters) - The Russian state has taken control of French yoghurt maker Danone's (DANO.PA) Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a local brewer, according to a decree signed by President Vladimir Putin on Sunday. The decree said that foreign-owned stakes in Danone Russia and Baltika Breweries were being put under the "temporary management" of government property agency Rosimushchestvo. The move comes after the Russian subsidiaries of Germany's Uniper (UN01.DE) and Finland's Fortum (FORTUM.HE) were taken under state control in April. The decree published on Sunday also said that Danish brewer Carlsberg's stake in Russian-based Baltika Breweries had been put under state management. Carlsberg said in June it had signed an agreement to sell its Russian business, subject to regulatory approvals.

Persons: Vladimir Putin, Finland's, Danone, Carlsberg's, Carlsberg, Caleb Davis, Darya, Andrew Osborn Organizations: Sunday, Danone Russia, Baltika Breweries, Danone, Carlsberg, Thomson Locations: MOSCOW, Russian, Russia

[1/3] A tyre produced by the Finnish group Nokian Tyres on display at a dealership in Moscow, Russia, March 23, 2023. Nokian Tyres' protracted departure illustrates the growing headwinds faced by Western companies that have yet to fully depart the country. "The war changed the operating environment in a rapid and unpredictable way," Nokian Tyres' Chief Transformation Officer Johanna Horsma told Reuters. Additional valuation requirements published in mid-December came in the middle of Nokian Tyres' transaction, he added. The buyer needs to be well selected to avoid scammers, said Nokian Tyres' Horsma.

Persons: Maxim Shemetov, Johanna Horsma, Finland's Fortum, Germany's, Peter Wand, Baker McKenzie, Thomas Kormendi, Kormendi, Alexei Moiseev, Moiseev, Nokian, Tatiana Stanovaya, Elopak, Baker McKenzie's Wand, Alexander Marrow, Darya Korsunskaya, Matt Scuffham, Kirsten Donovan Organizations: Nokian Tyres, REUTERS, Finland's, U.S . Treasury, Reuters, Companies, Thomson Locations: Moscow, Russia, finalising, Ukraine, Western, Frankfurt

☆ Ukraine war live updates: Putin warned of arrest if he attends summit; Russia had 100,000 casualties in 5 months, U.S. says
▼ + stars: | 2023-05-02 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Russian President Vladimir Putin on Tuesday ordered his government to "clarify" the procedure for how Russian companies can make dividend payments to shareholders from so-called "unfriendly countries." Russia considers all countries that have hit it with sanctions over its military campaign in Ukraine to be "unfriendly". It has hit back with its own package of counter-sanctions and capital controls which restrict the ability of companies and investors from these countries to transfer profits or dividends back home. The Kremlin said proposals on dividend payments should "include conditions that residents expand their production in Russia, develop businesses based on new technologies and invest in the Russian economy." Putin asked the government to come up with proposals by May 20, a document published by the Kremlin said.

☆ Putin orders Russian govt to clarify rules on dividend payments to 'unfriendly' investors
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, May 2 (Reuters) - Russian President Vladimir Putin on Tuesday ordered his government to "clarify" the procedure for how Russian companies can make dividend payments to shareholders from so-called "unfriendly countries". Russia considers all countries that have hit it with sanctions over its military campaign in Ukraine to be "unfriendly". The Kremlin said proposals on dividend payments should "include conditions that residents expand their production in Russia, develop businesses based on new technologies and invest in the Russian economy." Putin asked the government to come up with proposals by May 20, a document published by the Kremlin said.

☆ Russia should not take temporary control of foreign banks' units, central-bank governor says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

President Vladimir Putin on Tuesday signed a decree placing the Russian assets of Finland's Fortum (FORTUM.HE) and Germany's Uniper (UN01.DE), which both operate power plants in Russia, under Moscow's control. "Such decisions should be made with very good reasons, connected to the stable functioning of the Russian economy," Nabiullina said when asked whether Russia could do the same with banks. Foreign banks have stepped in to take business from Russian lenders hit by sweeping Western sanctions imposed after Moscow despatched troops to Ukraine in February 2022. Austria's Raiffeisen Bank International (RBIV.VI), earned more than half of its profit last year from Russia. Reporting by Elena Fabrichnaya, Vladimir Soldatkin, Alexander Marrow and Jake Cordell; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Equinor injects $3.7 bln into its energy trading business
▼ + stars: | 2022-12-21 | by ( Stine Jacobsen | ) www.reuters.com time to read: +2 min

Soaring energy prices and extreme market volatility have forced multiple European utilities and traders to secure extra funds to cover margin call requirements. "When prices go up, so does the size of margin calls on the energy exchanges," Danske Commodities' finance chief Jakob Sorensen said in a statement. Danske Commodities, which posted a six-fold rise in 2021 operating profits to record levels, told Reuters it expected another record year for 2022 and aimed to continue to grow its business. "As such, the capital injection underlines our growth ambitions, the synergies we gain from being part of Equinor and our commitment to contributing to functioning energy markets," it said in a written comment. Equinor's gas and power chief Helge Haugane, who also chairs Danske Commodities, said he was pleased with Danske's performance.

☆ European Commission clears Germany's Uniper bailout
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +3 min

Companies Uniper SE FollowFortum Oyj FollowPARIS, Dec 20 (Reuters) - The European Commission said on Tuesday it had approved Germany's 34.5 billion euro ($36.60 billion) plan to recapitalise German natural gas trader Uniper (UN01.DE), subject to future state divestment, management pay and acquisitions. The plan complies with EU State aid rules on the necessity, appropriateness and size of the intervention, the Commission said in a statement. The recapitalisation involves an immediate cash capital increase of 8 billion euros, which will be subscribed at a price of 1.70 euros per share, it added. It also approved authorised capital of up to 26.5 billion euros, which Germany intends to pay in stages through to 2024. Uniper, majority-owned by Finland's Fortum Oy (FORTUM.HE), is Germany's largest gas provider and one of Europe's main gas traders, the Commission said.

☆ Uniper boss tells investors to back German bailout or risk all
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT/BERLIN, Dec 19 (Reuters) - Germany's Uniper (UN01.DE) called on shareholders to approve a bailout and nationalisation that will cost the government more than 50 billion euros ($53 billion), warning that it will otherwise have to consider filing for insolvency. Gazprom (GAZP.MM) was once its biggest supplier, but a big drop in deliveries after Russia's invasion of Ukraine forced Uniper to buy gas elsewhere at much higher prices to meet its contracts. "In the Management Board's view, a possible insolvency could lead to a complete loss for shareholders." If the bailout is approved, the German government will end up owning just below 99% of Uniper, Germany's largest gas trader, following two share issues. Germany's Finance Ministry will be responsible for the stake, Uniper said on Monday.

REUTERS/Dinuka Liyanawatte/File PhotoDec 13 (Reuters) - For the energy industry, 2022 will be remembered as the year Russia's invasion of Ukraine accelerated a global energy crisis. The world's top energy companies beat a hasty retreat from Russia and wrote off tens of billions of dollars in assets. WHY IT MATTERSRussia's invasion of Ukraine caused European countries to re-evaluate their relationship with that nation, long the continent's primary supplier of natural gas. "We are seeing nothing less than the termination of a successful 50-year partnership on gas between Russia and Europe," said Michael Stoppard, special adviser and global gas analyst at S&P Global Commodity Insights. As the year comes to a close, costs for natural gas and heating fuel have ebbed as economic activity declines.

☆ Factbox: Energy crisis revives coal demand and production
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +6 min

France - The Emile Huchet coal power plant restarted in early October, only six months after it closed, according to local media. Netherlands - Dutch energy minister Rob Jetten said in June the Netherlands will remove a production cap at coal-fired energy plants to preserve gas. In June, it said it plans to "increase thermal coal production from existing mines this year maximum by 1.5 million tonnes". Spain - The ministry for the ecological transition requested in May the delay of Endesa's As Pontes coal power station closure. (** Note that Ukraine's government has stopped releasing coal production data since the start of the war).

☆ Siemens Energy CEO eyes chairman role at Gamesa - Handelsblatt
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 10 (Reuters) - Siemens Energy Chief Executive Christian Bruch is planning to take on the role of chairman of the board of directors at Siemens Gamesa once the takeover of the Spanish wind turbine maker has been completed, Handelsblatt reported, citing company sources. A Siemens Energy (ENR1n.DE) spokesperson declined to comment. Siemens Energy in May announced plans to bid 4.05 billion euros ($3.93 billion) for the remaining third of Siemens Gamesa (SGREN.MC) it does not already own, hoping to get a better handle on ongoing problems at the wind turbine maker. Register now for FREE unlimited access to Reuters.com RegisterIt is not uncommon for CEOs to take on the position of chairman at majority-owned subsidiaries that are listed on the stock exchange. ($1 = 1.0309 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Rachel More and Christoph Steitz, editing by Kirsti Knolle and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Market players typically borrow to build short positions in the futures market, with 85-90% coming from banks. Any such drop in the number of players reduces market liquidity, which can in turn lead to even more volatility and sharper spikes in prices that can hurt even major players. read moreNorwegian state-owned firm Equinor, Europe's top gas trader, said this month that European energy companies, excluding in Britain, need at least 1.5 trillion euros ($1.5 trillion) to cover the cost of exposure to soaring gas prices. Doing this, sources familiar with talks said, would help bring participants back into the market and increase liquidity. The banks have hit or are close to hitting their liquidity risk and counterparty risk levels," a senior banking source involved in commodities finance said.

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