The European Commission (EC) has approved German assistance in the amount of €225.6 million for the acquisition of Securing Energy for Europe (SEFE, a former subsidiary of Gazprom, Gazprom Germania). This became known on Saturday, November 12.
“This measure will allow the German state to become a 100% owner of SEFE GmbH, replacing Gazprom Export LLC, in order to ensure the security of gas supplies to the German economy,” the statement says. publications on the EC website.
With the allocated funds, the authorized capital of the company will be reset to zero, after which EFE GmbH will issue new ordinary shares with the same nominal value, which will be acquired by Germany.
It is emphasized that this step is in line with the principles of state assistance to energy companies in crisis situations, when private investments are not enough to ensure solvency.
Earlier, on November 10, Bundestag deputy, member of the committee on economy and energy, Steffen Kotre, said that Germany cannot guarantee itself a reliable gas supply in winter, despite almost full storage facilities.
According to a member of the Bundestag, assurances of full storage facilities are a smoke screen. In practice, stocks can last only a month. An alternative to gas from Russia will be many times more expensive. And as a consequence, rising gas prices will lead to a decrease in the well-being of the population.
In August, it was reported that SEFE needed more than €5 billion to replace gas supplied from Russia after the termination of cooperation with Gazprom.
Western countries decided to reduce their dependence on Russian energy resources against the backdrop of a special operation of the Russian Federation to protect Donbass, the beginning of which was announced on February 24. However, all this has already turned into economic problems in Europe, causing a sharp rise in prices for fuel, food and utilities.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.
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