“Nord stream — 2”: US angered German managers

In General, Schaefer can be satisfied. The first half of 2017 was good for his company. The company recorded a profit of 1.1 billion euros. Concern, which Eon last year handed over the direction of coal and gas power plants and the wholesale trade can improve your forecast and to expect a significant increase in dividends.

However, Schaefer depressing fact that his company was caught between two fronts of geopolitics. New gas pipeline “Nord stream — 2”, which had planned to participate Uniper, may be affected by U.S. sanctions against Russia.

And this leads the Manager into a rage. “European energy policy cannot be a ball for the American economy and domestic policy,” said Shefer at the presentation of the interim report. “The United States is at stake for European security of supply — and only in order to push its economic interests and guarantee jobs in the United States.”

The grievance Schaefer became the new law, which last week took the U.S. Congress to punish Russia with sanctions, including from-for the conflict in Ukraine. In the center was the energy sector. Sanctions could also affect European companies who help build, maintain or service of the Russian gas and oil pipelines.

Among them, and Uniper. The concern plans along with daughter BASF Wintershall, the Austrian OMV, Shell, the British and French Engie to participate in the financing of the pipeline “Nord stream — 2”. “Nord stream — 2” should be built before the end of 2019, close to the first “Nord stream”. A 1,220 km long it needs to deliver up to 55 billion cubic meters of gas a year from Siberia to East Germany. The cost of the new pipeline is estimated at about ten billion Euro — one billion of the sum plan to take on Western partners, including Uniper.

“Unfortunately, the project Nord stream — 2 became the object of policy, although it is a purely economic project,” says Schaefer. “I firmly believe that the project will be implemented”. The pipeline is important for Europe and security of supply. He welcomed the fact that the German government and the European Commission expressed its “clear position” on the issue.

According to Schaefer, the new American law is only partly a response to Russia’s intervention in the election campaign of the United States or the occupation of the Crimea. “Basically we are talking about strategic economic interests, desired US dominance in the global energy market.”

In the US the oversupply of gas, they export it in liquid form — LNG, but not yet in Europe.

Chapter Uniper is not alone in its position. And the head of Wintershall Mario Mehren a few days ago clearly expressed its position. “You can’t do Europe a ball for the game of geopolitics. Framework conditions for cooperation in the field of energy and economy between Russia and Europe define themselves European countries — not third countries,” said Meren. The company currently examines the consequences of the law, as stated by the representative of the company.

Schaefer demanded legal guarantees. “My responsibility to Uniper, to our shareholders and employees are known to me, and I her very seriously,” says Schaefer. “So I will do everything to protect Uniper risks from possible American sanctions.”

Quote facts opinions

Eon said on Tuesday that the 2018 financial year, the limit on the payment of dividends will be increased to a minimum of 65 percent of the net profit of the concern. At the moment this figure is 50 to 60 percent. Dividends for 2017 shareholders should receive, as was announced in the amount of 30 cents per share. Competitor RWE due to the multi-billion dollar payout for a nuclear tax announced special dividends already for 2017.