Uniper is reportedly looking for buyers for an oil refinery in the United Arab Emirates as the German utility seeks to stem a €40bn loss from being forced to buy gas to replace lost Russian supplies.
The company has received interest from several parties, including Vitol Group, and a sale could be agreed as early as this year, Bloomberg reported, citing according to people familiar with the matter who asked not to be identified since the discussions are private.
Uniper produces shipping fuel at the refinery with a capacity of 80,000 barrel a day located in the UAE port of Fujairah.
The company has been hammered by Moscow’s gas supply cuts, requiring a huge rescue package from the German government that will lead to its nationalization by the end of 2022.
As Germany’s largest importer, its survival is considered essential for the country’s energy system, with failure potentially having a domino effect on the sector. Asset disposals could help the company raise some much-needed cash.
