The German government acquires Gazprom Germania to secure energy supplies

Germany is temporarily nationalizing a European company for the Russian gas giant Gazprom to protect the country’s energy infrastructure.

German government will Until September 30 He became a semi-owner of Gazprom Germany. This is a gas storage and transportation company in Germany that was dumped by the Russian gas giant Gazprom on Friday.

According to German Vice Chancellor and Federal Minister for Economy and Climate Robert Habeck, the government will act as a major shareholder in the energy company. This allows the authorities to ensure the security of the country’s gas infrastructure and supplies.

At least 45 percent of Europe’s natural gas will come from Russia. Russian gas company Gazprom has been benefiting from this for years profit to generate.

Since the Russian invasion of Ukraine, European countries have been looking for ways to reduce their dependence on Russian raw materials. Especially now that Russian dictator Vladimir Putin has threatened to pay gas bills only with rubles to be stable. Meanwhile, Russian gas trade in Europe continues undisturbed.

“We will not let the energy infrastructure depend on arbitrary Kremlin decisions”

In a press release, Klaus Muller, president of the Bundesnetzagentur, explains to some extent what Berlin plans to do with the energy company. “Our goal is to operate Gazprom Germany for the benefit of Germany and Europe,” Mueller said. It is important to know that as long as the German government is the largest shareholder in Gazprom Germany, it can lay off employees and hire new workers.

According to Habeck, the German government had to intervene to prevent the purchase of Gazprom Germany by energy companies such as JSC Palmary and Gazprom Export Business Services, which are two Russian state companies. “We don’t let the energy infrastructure depend on arbitrary Kremlin decisions,” Habek suggests.

Moreover, it will not be entirely clear who is behind the company, Habeck points out. According to Reuters news agency, the German authorities therefore want to prevent a foreign company from buying the ownership of Gazprom Germania at any cost because the company is necessary to supply the country with gas.

(LL)