Germany takes control of Gazprom Germania

EPA-EFE/FILIP SINGER

The German Ministry of Economy announced on Monday, in an order published by the Federal Gazette, that the country has decided to nationalize former Gazprom subsidiary, Gazprom Germania, now known as Securing Energy for Europe GmbH (SEFE).

The ministry said the "over-indebtedness of the SEFE's commercial balance sheet and the resulting threat of insolvency" were the main reasons for the takeover, as they were putting the country's energy supply security into jeopardy.

German Economy Minister Robert Habeck commented that the former Gazprom subsidy, which was put under Berlin's trusteeship back in April and is the second biggest gas importer in the country after Uniper, is "a key company for the energy supply in Germany."

Baha Breaking News (BBN) / AY