Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Stay Pausing Investments
Engie is a French multinational utility company, which operates in the fields of energy transition, electricity generation and distribution, natural gas, nuclear, renewable energy and petroleum.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
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Global 500European energy companies have filed lawsuits against Gazprom, demanding a total of 18 billion euros in compensation for the suspension of gas supplies. Engie (France): 305 million euros. The heads of major EU companies have begun to say what would have been unthinkable a year ago: that importing Russian gas, including from Russian state-owned giant Gazprom, could be a good idea. “If there is a reasonable peace in Ukraine, we can return to flows of 60 billion cubic meters, maybe 70, per year, including LNG,” Didier Hollot, executive vice president of France’s Engie, told Reuters.
The Group’s long-term contracts with Gazprom in 2021 represented approximately 20% of ENGIE’s overall gas sales and consumption worldwide. Should European sanctions affect Russian supplies – ENGIE would comply with such decision at all levels. At the beginning of the fourth quarter of 2022, Engie initiated arbitration proceedings against Gazprom Export LLC, seeking, in particular: recognition of Gazprom Export LLC's failure to fulfill its gas supply obligations under long-term gas supply contracts and payment of penalties, and as well as compensation for damages caused as a result of such non-performance.