Home News Gazprom Germania to be renamed Securing Energy for Europe

Gazprom Germania to be renamed Securing Energy for Europe

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The German government has decided to take Gazprom’s subsidiary Gazprom Germania under long-term management and rename it Securing Energy for Europe. Companies will provide a multi-billion dollar loan to prevent possible bankruptcy.

“It also sends a clear signal to the market that the aim of the measures being taken is to secure the energy supply for Germany and Europe,” the statement reads. message government of Germany. At the same time, it is specified that the business model of the company with a new name will be built on the principles of ensuring the energy security of Europe and Germany.

The external administration period has been extended beyond September. Initially, external control was envisaged only until September 30. At the same time, the government reported that after the name change, the period of guardianship management can be repeatedly extended.

The loan, which the companies will provide, “will serve to provide liquidity and alternative gas purchases.” It will be directed to the implementation of commercial activities and it will not be possible to withdraw it to Russia. The loan amount was not reported. Bloomberg, citing sources, reported that up to €10 billion would be allocated for lending.

As a next step, the German government is considering “loan-to-equity conversion” of the company “for long-term security of supply.”

The German government claims that such a step will ensure the energy security of their country. The German government believes that the “daughter” of “Gazprom” “is a key company for gas supply to Germany”, so “it is necessary to guarantee the current commercial activities” of the enterprise.

The Gazprom Group ceased participation in its German subsidiary Gazprom Germania and all of its assets on 1 April. After that, the company was transferred under external management to the Federal Network Agency (BNetzA) of Germany.


More news in Telegram channel “Kommersant”.

Anastasia Larina

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