German gas importer Uniper, which is the topic of negotiations between the German and Finnish governments, drew down its 2 billion euro ($2.03 billion) credit facility from Germany’s state-owned KfW bank on Monday, the company reported.
Uniper stated that it initiated the action owing to problems in the supply of Russian natural gas and the resulting consequences on energy markets and exchanges.
The duration of the loan facility would depend on market developments, the business said, adding that it is in continuous communication with its banks and the German government to maintain financial stability.
Germany’s largest gas importer prompted urgent negotiations between Berlin and Helsinki after requesting a bailout to address financial concerns caused by a gas shortage and soaring costs.
The Finnish state-owned utility Fortum owns a 78 percent share in Uniper.
According to a German Economy Ministry official, a Finnish government minister’s visit to Berlin last week did not offer a clearer schedule for a solution to Uniper’s financial troubles.
