The European Commission will allocate €225.6 million to Germany for the takeover of Gazprom’s subsidiary
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To support the former German structure of Gazprom, SEFE GmbH (former name: Gazprom Germania GmbH), the European Commission (EC) approved financial assistance in the amount of €225.6 million for Germany. The EC believes that this amount will allow the German government to buy out 100% of SEFE shares and complete the process of the company’s nationalization.
“This measure will allow the German state to become a 100% owner of SEFE GmbH, replacing Gazprom Export LLC, a Russian state-owned company with a controlling stake,” reads a press release on website EC.
The text clarifies that the allocation of financial assistance is in line with the provisions of the Treaty on the Functioning of the European Union and is an emergency measure in the context of the economic crisis in the EU.
In August, the managing director of the former German subsidiary of Gazprom informedthat the company needs €5 billion to replace undelivered gas from Russia. Since April 1, Gazprom has not controlled the German structure, which is why the German government introduced external control over SEFE.
On the management of the German assets of Gazprom – in the material “Kommersant” “Germany takes over Gazprom”.
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