Germany nationalized the “daughter” of Gazprom, and Poland selected the gas pipeline

The Russian gas monopolist is losing its assets in the European Union.

Gazprom lost its subsidiary in Germany and the gas pipeline in Poland / photo REUTERS
Gazprom lost its subsidiary in Germany and the gas pipeline in Poland / photo REUTERS

Germany announced the nationalization of the former subsidiary of the Russian energy giant Gazprom . Berlin made this decision to ensure energy security.

According to the German publication Deutsche Welle , the new company, previously called “Gazprom Germany”, is called Securing Energy for Europe GmbH. It indirectly controls the largest German gas storage facility in the northwest of Reden.

The decision was made after the EU Commission agreed over the weekend to provide a Russian subsidiary in Germany with assistance in the amount of 225.6 million euros, which became the basis for the nationalization.

Berlin took control of the company back in April but did not resolve the ownership issue, leaving business partners and banks reluctant to reopen business. The German Federal Ministry of Economics and Climate Action said that now the Russian “Gazprom” has actually lost its stake in the company.

In addition, the publication Rzeczpospolita reported that Poland withdrew Gazprom’s stake in the gas operator Europol Gaz, which operates the Polish part of the Yamal-Europe gas pipeline. The Russian monopolist owned 48% of the gas pipeline operator.

The company has already introduced a temporary administration, headed by an expert on fuel and gas issues and a lawyer, Radoslav Kwasnitsky.

It is worth noting that Warsaw imposed sanctions against Gazprom back in April, which made it possible to freeze the shares of Europol Gaz. The company uses a cross method of governance, so the votes of all members of the board are required. In turn, Gazprom blocked the decisions of other members, which caused damage to the company.

Nationalization of “subsidiaries” of Gazprom – what is known

Due to Russia’s full-scale invasion of Ukraine, a number of Russian companies have been sanctioned, including  Rosneft, Transneft and Gazpromneft . This decision  led to the departure of the  world oil giants from the Russian market. 

On March 21, it became known that Britain intended to temporarily  nationalize Gazprom’s division,  Gazprom Marketing & Trading Retail Ltd, which served about 30,000 business clients.

On April 1, it became known that PJSC Gazprom’s subsidiaries ceased participation in Gazprom Export Business Services LLC on March 31 , which is the sole member of GAZPROM Germania GmbH. At the same time, it is indicated that the Gazprom group has ceased participation in Gazprom Germania GmbH and all its assets, including Gazprom Marketing & Trading Ltd.

On August 28, the Welt publication reported that Germany was preparing for a secret nationalization of Gazprom’s subsidiary , for which they allegedly created a holding company in order to be able to carry out nationalization in the short term.

(C)UNIAN 2022

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