• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. Germany nationalizes Gazprom subsidiary: Economy Ministry
Europe

Germany nationalizes Gazprom subsidiary: Economy Ministry

  • By Al Mayadeen English
  • Source: Agencies
  • 14 Nov 2022 17:25
  • 3 Shares

The Polish government says it was seizing Gazprom's share in EuRoPol Gaz.

  • The company Securing Energy for Europe GmbH (SEFE) was previously known as Gazprom Germania
    The company Securing Energy for Europe GmbH (SEFE) was previously known as Gazprom Germania.

Germany announced on Monday that it was nationalizing a former subsidiary of the Russian energy giant Gazprom, saying the step was necessary due to the systemic importance of the company for power supplies in the country.

The company Securing Energy for Europe GmbH (SEFE) was previously known as Gazprom Germania. It is a network operator and indirectly controls Germany's largest gas storage facility in the northwestern town of Rehden.

In the wake of the Ukraine war and Russia's decision to reduce energy supplies to Europe, Germany placed the company under its effective control in April.

According to the German Economy Ministry, business partners and banks have suspended business relations with the company or are reluctant to enter into new ones.

"This jeopardizes the continuation of SEFE's business operations and thus the gas supply," the Economy Ministry added.

Germany was therefore formerly nationalizing the company and turning it into a state asset.

Under complex accounting maneuverings, the company's losses are offset against its capital reserves.

In a similar case, Germany confirmed in late September the nationalization of struggling gas importer Uniper, adding another $7.9 billion to its rescue as Berlin struggles to secure power for Europe's largest economy in the aftermath of the West’s sanctions against Russia.

Warsaw seizes Gazprom share in Polish section of Yamal gas pipeline

In the same context, the Polish government said on Monday that it was seizing Gazprom's share in EuRoPol Gaz, the company managing the Polish section of the Yamal-Europe gas pipeline.

According to Poland's Development Ministry, the move was designed to "ensure the security of (Poland's) critical infrastructure."

It is noteworthy that the Russian gas giant has a 48% stake in the company and the Polish state the remaining 52%.

Read more: Gazprom supplies 42.2 mln m3 gas for Europe through Ukraine via Sudzha

  • Russia
  • Germany
  • Gazprom
  • Ukraine
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Trending Now

All
Gas prices in Europe Increased 6x year-on-year in June: Commissioner

Gas prices in Europe Increased 6x year-on-year in June: Commissioner

Most Read

US dollar may lose status as global reserve currency: Yellen

US dollar may lose status as global reserve currency: Yellen

  • US & Canada
  • 22 Mar
Rallies held in Washington DC to protest US militarism

Peace rallies held in Washington DC to protest US militarism

  • US & Canada
  • 18 Mar
Poland

Poland may end up 'joining' Ukraine war: Polish Ambassador to France

  • Europe
  • 20 Mar
Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

  • Analysis
  • 19 Mar

Read this

All
Gas flares are seen at the Rumaila oil refinery, near the city of Basra, 550 kilometers (340 miles) southeast of Baghdad, Iraq, November 9, 2009 (AP)
MENA

BP made billions from British invasion of Iraq: Declassified UK

  • Today
Experts warn of health risks as UK vowed to supply Kiev uranium shells
Europe

Experts warn of health risks as UK vowed to supply Kiev uranium shells

  • Today
US backing bipartisan severe corruption in Iraqi Kurdistan: FP
MENA

US backing bipartisan severe corruption in Iraqi Kurdistan region: FP

  • 23 Mar
China able to change world order, US must fight Beijing in Africa
Africa

China is able to change world order, US must fight in Africa: CENTCOM

  • 23 Mar
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS