The German government has decided to extend the term of trust management of the gas company Gazprom Germania GmbH for the period and after September 2022 and rename it Securing Energy for Europe GmbH.
“The Office of the Federal Chancellor, the Ministry of Economics and Climate Protection and the Ministry of Finance have decided to extend the trust management of Gazprom Germania GmbH (GPG) until September 2022 and beyond. Specifically, the trust management is designed to ensure energy supply and must comply with the provisions of the amendments to the energy security law,” it said. in a statement from the German government.
Earlier, the German government decided to transfer the management of the company to trustees by the end of September 2022.
In addition, a rebranding is planned.
“Gazprom Germania GmbH will be renamed Securing Energy for Europe GmbH (SEFE). This will send a clear signal to the market that the goal of the measures taken is to ensure energy security in Germany and Europe. This is what the SEFE production model will be designed for,” the report says. .
A credit loan from KfW bank will help to avoid the bankruptcy of the enterprise and the “cascading” effect on the market, the Cabinet of Ministers indicates.
In early April 2022, the German Ministry of Economy instructed to transfer Gazprom Germania under the control of the Federal Network Agency. The head of the ministry, Robert Habek, justified the decision with the company’s non-transparent legal relations and violation of registration rules. The decision was valid until 30 September.
Earlier, Gazprom reported that it had ceased to control Gazprom Germania and all its assets. We are talking about the WINGAS/WIEE distributor, the astora storage operator.
In 2019, the consolidated turnover of Gazprom Germania amounted to 24 billion euros, in 2020 – 13 billion euros.
