Germany to protect Gazprom Germania from insolvency with up to €10 billion loan

The German government said on Tuesday that it will place Gazprom Germania into long-term administration and provide it with a loan of up to €10 billion ($10.4 billion) to stop the company from going insolvent.

The subsidiary of the Russian gas giant Gazprom was taken under temporary administration following Russia's invasion of Ukraine.

A government spokesperson told Reuters news agency that the company will be renamed Securing Energy for Europe GmbH. The funding the keep the company afloat will come through the state-run development bank KfW.

"With this approach, the German government can maintain control over this part of critical energy infrastructure and prevent threats to energy security," the government said in a statement.

Source: DW

 

Tags: Gazprom, gas, Germany

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