Germany's Uniper draws down €2bn from KfW

German energy giant Uniper on Monday said it had drawn down its €2bn credit facility from Germany's state-owned KfW bank as it continues talks with Berlin over a bailout amid the gas supply crisis.

Uniper said it drawn the cash due to disruptions in the supply of Russian gas and the corresponding effects on the energy markets and exchanges.

Surging prices meant the firm was last week forced to start withdrawing fuel it had been saving for winter to supply its customers.

The company, which is Germany's biggest gas importer, is now at the centre of consultations between the German and Finnish governments. State-dominated Finnish utility Fortum holds a 78% stake in Uniper.

Finnish cabinet member Tytti Tupparainen, who is responsible for policy related to government-owned companies, visited Berlin last week for talks.

Germany is racing to refill gas storage sites amid fears of blackouts and rationing this winter Russia stops supplies to Europe in retaliation for its opposition to his war on Ukraine. Fears were increasing on Monday that the flow of the commodity won’t be restored after current maintenance work on the Nord Stream pipeline is completed.