Berlin nationalizes German subsidiary of Russian gas giant Gazprom

The energy supplier Gazprom Germania, renamed Sefe, and former subsidiary of Gazprom was nationalized by Berlin on November 14, 2022. © Fabrizio Bensch / REUTERS

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Berlin announced Monday, November 14 the nationalization of the German subsidiary of the Russian giant Gazprom.

The company had been placed in the spring under guardianship because of its important role in Germany.

The deterioration of its financial situation explains the direct takeover by the State.

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Gazprom Germania is "

", declares the Ministry of the Economy to justify its decision after the green light from Brussels during the weekend.

Gazprom's German subsidiary counts municipal utilities among its customers and has a 20% market share in Germany, explains our correspondent in Berlin,

.

Among its assets are also important infrastructures for the transport and storage of gas.

Gazprom Germania – renamed SEFE – had already been under public supervision since April.

Then sole shareholder, Gazprom announced on April 1 that it had withdrawn its assets from its subsidiary.

Berlin had wanted to prevent the company from falling into hostile hands, or even being liquidated altogether.

The company's partners and the banks had suspended their business relations.

Compensation to Russian owners is not provided due to the company's negative balance sheet.

SEFE has 1 billion in equity for 3 billion euros in debt.

Berlin will inject 225 million euros of fresh money into SEFE;

public credits will increase from 12 to 14 billion.

This is the

in the energy sector in a few weeks after that of the German gas supplier Uniper, suffocated by the Russian gas cuts.

Warsaw takes full control of the Yamal gas pipeline

Gazprom will also lose part of the control in another strategic infrastructure for the supply of gas in Europe: the Yamal-Europe gas pipeline, an important section of which passes through Poland.

Warsaw announced on Monday that it would place the Russian energy company's stake in the company EuRoPol Gaz, which manages Yamal on Polish territory, under state supervision.

Gazprom held 48% of this company, against 52% for the Polish state.

In both cases, these public interventions aim to guarantee the security of gas supplies in the context of the energy standoff between Moscow and the West since the Russian invasion of Ukraine.

► Also to listen: Germany's dependence on Russian gas: "German policy is a failure"

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