Connect with us

Business

Uniper to divest Middle East bunkering business as condition for stabilisation package

EC approved the stabilisation package for Uniper under state aid law; as part of approval the firm must fulfil certain divestment of assets including Uniper Energy DMCC.

Admin

Published

on

MT pix 25 july 2022 49

International energy company Uniper on Tuesday (20 December) said the EU Commission (EC) approved the stabilisation package for Uniper under state aid law.

The firm said the stabilisation measures will now be implemented immediately.

As part of the approval, the EU Commission set out a number of structural remedies that Uniper must fulfil. The company will make the following divestments of assets, the last of which must be completed at the latest by the end of 2026:

  • Marine fuels business Uniper Energy DMCC, Middle East,       
  • 84% stake in the Unipro business, Russia, 
  • Hard-coal-fired power plant in Datteln, Germany,
  • Uniper’s district heating business, Germany,
  • North America power business, excluding the gas portfolio, LNG and hydrogen-related capabilities,
  • Gas-fired power plant in Gönyu, Hungary,
  • 20% stake in the OPAL pipeline,
  • 20% indirect stake in the BBL pipeline,
  • 18% stake in the gas company Latvijas Gaze, Latvia,
  • International helium business.

Uniper has also committed itself to a number of market-opening remedies, such as, for example, the obligation not to expand its market position in sales, to adjust its long-term gas contract portfolio, and to grant competitors access to transport and storage capacities.

Until the end of 2026, Uniper may also only make acquisitions that are necessary to ensure the continued viability of the company or to drive the decarbonisation of Uniper's business. The acquisitions will be subject to approval by the EU Commission.

In addition, according to the EU approval the arbitration claim against the Netherlands on the basis of the Energy Charter Treaty must be withdrawn.

Furthermore, the EU approval is based upon the logic that Uniper will make an own contribution of 30% per year from its adjusted earnings before interest and taxes excluding losses from gas replacement costs, between 2022 and 2024. If, at the end of 2024, Uniper's equity capitalization is higher than before the crisis, Uniper will be obliged to repay the excess amount to the German Federal Government by appropriate means.

As part of the EU approval, the German Federal Government agreed to reduce its shareholding to a maximum of 25% plus one share by 2028 at the latest.

The capital increase approved by the General Meeting on December 19, 2022, will now be implemented immediately. It is also planned to utilise part of the Authorised Capital still in 2022.

Uniper CEO Klaus-Dieter Maubach, said: “The stabilisation of Uniper has been achieved. As we have now obtained EU approval, the agreed capital measures can be implemented. We will do everything in our power to find the best owners for the assets and businesses to be sold. With the EU approval we have taken the last hurdle and now we know the conditions under which we will shape the future of Uniper. I would like to thank all those involved for the tremendous effort this year.”

 

Photo credit: Uniper
Published: 22 December, 2022

Continue Reading

Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

Admin

Published

on

By

steve pb from Pixabay

A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

Continue Reading

LNG Bunkering

Titan completes first STS LNG bunkering operation in Cuxhaven

Port of Cuxhaven in Germany had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth, says Titan.

Admin

Published

on

By

Titan completes first STS LNG bunkering operation in Cuxhaven

LNG bunker fuel supplier Titan on Thursday (11 July) said it completed the first-ever LNG bunkering operation by ship in the port of Cuxhaven.

Titan’s bunker vessel Optimus successfully delivered LNG to dredger Vox Ariane operated by its long-term client Van Oord. 

“Our ship-to-ship bunkering in Cuxhaven represents a pioneering step in the region's LNG infrastructure development, as the port had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth,” it said in a social media post. 

“LNG infrastructure development is part of a broader trend, with more ports across Germany adopting LNG operations to support shipping’s clean fuels transition.”

Titan added the improved LNG bunkering capabilities in Cuxhaven, a Niedersachsen Ports GmbH & Co. KG port, also opened up the pathway to maritime decarbonisation via liquified biomethane (LBM) and then renewable e-methane going forward.

 

Photo credit: Titan
Published: 12 July, 2024

Continue Reading

LNG Bunkering

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Firm said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier in the Port of Drammen, Norway.

Admin

Published

on

By

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) on Wednesday (10 July) said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier Auto Achieve in the Port of Drammen on 4 July.

The firm said this was the first time UECC received LNG by barge to any of their vessels in their home country Norway. 

“We also believe that it was the first time LNG was delivered by barge to any vessel in Drammen, and most likely the entire Oslofjord,” UECC said in a social media post.

The LNG was supplied by the Molgas Energy Holding vessel Pioneer Knutsen, owned by Knutsen Group OAS.

“UECC is very pleased to see the expansion of the LNG barge network in Norway,” it said. 

 

Photo credit: UECC
Published: 12 July, 2024

Continue Reading
Advertisement
  • SBF2
  • EMF banner 400x330 slogan
  • RE 05 Lighthouse GIF
  • Consort advertisement v2
  • v4Helmsman Gif Banner 01
  • Aderco advert 400x330 1

OUR INDUSTRY PARTNERS

  • SEAOIL 3+5 GIF
  • 102Meth Logo GIF copy
  • HL 2022 adv v1
  • Triton Bunkering advertisement v2
  • Singfar advertisement final


  • intrasea
  • PSP Marine logo
  • Synergy Asia Bunkering logo MT
  • MFA logo v2
  • Uni Fuels logo advertisement white background
  • Innospec logo v6
  • Auramarine 01
  • E Marine logo
  • pro liquid
  • Trillion Energy
  • 400x330 v2 copy
  • VPS 2021 advertisement
  • Advert Shipping Manifold resized1
  • Headway Manifold

Trending