OREANDA-NEWS  The German authorities decided to nationalize Gazprom's former subsidiary Gazprom Germania. It changed its name to SEFE Securing Energy for Europe GmbH in June.

The German government will acquire 100% of SEFE shares and increase the company's loan to 13.8 billion euros, Bloomberg reports, citing a statement from the country's Ministry of Economy (it has not yet been published on the agency's website). In September, Spiegel reported on plans to nationalize SEFE.

Soon, the Ministry of Economy announced that the German government will acquire 100% of SEFE shares and increase the company's loan from the state bank KfW from 11.8 billion euros to 13.8 billion euros. A significant part of the loan must later be converted into equity. The state-owned company Securing Energy for Europe Holding GmbH will be used for nationalization, which will buy the shares of SEFE Securing Energy for Europe GmbH for 225.595 million euros.

Earlier it was reported about the state loan of the KfW development Bank to a trader for $ 10.4 billion.

In April 2022, the German Ministry of Economy instructed Gazprom Germania to be transferred under the management of the Federal Network Agency. In May, Russia imposed retaliatory sanctions, banning any transactions with all Gazprom Germania Group companies.