Bundesnetzagentur takes control of German Gazprom subsidiary:

Created: 04/05/2022 05:19

Gazprom Germania: The Federal Network Agency takes over supervision of the German subsidiary of the Russian energy group.

© Paul Zinken/dpa

The Federal Network Agency is taking over control of the German subsidiary of the Russian state-owned company Gazprom as a trustee.

Berlin - Federal Minister of Economics Robert Habeck (Greens) uses the Federal Network Agency as a trustee for the German subsidiary of the Russian state-owned company Gazprom.

Habeck justified this on Monday with unclear legal relationships and a violation of reporting regulations.

The aim is to ensure security of supply.

In the past few days there had been reports of a possible expropriation and nationalization of the German subsidiaries of Gazprom and Rosneft.

Now Habeck is taking action.

According to Habeck, the ministry issued a legal order.

The basis is the Foreign Trade Act.

The Federal Network Agency is temporarily a trustee.

This serves to protect public safety and order and to maintain security of supply.

"The step is absolutely necessary," says Habeck.

The security of supply is currently guaranteed.

Habeck intervenes: ensure security of supply for gas

The Federal Network Agency explained that for a transitional period it would assume the function of a shareholder in trust and could thus ensure proper management.

"We are aware of the responsibility for the secure gas supply that this task entails," explained President Klaus Müller.

“Our aim will be for Gazprom Germania to be managed in the interests of Germany and Europe.

We want to take all the necessary steps to continue to ensure security of supply.

In this sense, the business of Gazprom Germania and its subsidiaries should be continued in a controlled manner.”

The Russian energy giant Gazprom said it had given up its German subsidiary Gazprom Germania.

At the end of March, the Gazprom Group ended its stake in the German company Gazprom Germania GmbH and all of its assets, the Russian group announced on its Telegram channel on Friday.

The decision had fueled concerns about potential gas supply shortages.

Many companies view the development with great concern.

Just a few days ago, the chemical association VCI also urgently warned of the economic consequences of a gas supply stop.

Gazprom Germania owns other companies in the German gas industry.

These include gas trader Wingas, gas storage operator Astora and a minority stake in gas transport company Gascade.