In an opaque maneuver, the Russian Gazprom group withdrew from its German subsidiary Gazprom Germania last week. Now, in a radical step, the Ministry of Economics is temporarily placing them under trustee administration.
The German Economics Minister Robert Habeck appointed the Federal Network Agency as a trustee for Gazprom Germania.
The German Ministry for Economic Affairs and Climate Protection appointed the Federal Network Agency on Monday as a trustee for Gazprom Germania GmbH, a former German subsidiary of the Russian natural gas group Gazprom. This was explained by the Green Economics Minister Robert Habeck at a media conference convened at short notice. The step serves “to protect public safety and order and to maintain security of supply,” he said. The Federal Network Agency is the central infrastructure authority in Germany.
critical infrastructure
Gazprom Germania operates critical infrastructure in Germany and is therefore of outstanding importance for the gas supply, stated the Ministry of Economy. The Berlin-based company maintains large natural gas storage facilities and is active in gas trading and gas transport. In addition, Gazprom Germania is also active in Switzerland and the Czech Republic. It also includes the trading company Gazprom Marketing & Trading.
According to Habeck, the background to Monday’s decision, which is based on the Foreign Trade and Payments Act, is unclear legal relationships and a violation of the reporting obligation. Until last week, Gazprom Germania was 100 percent controlled by the Russian state gas company Gazprom via Gazprom Export. Last Friday, the latter announced in a dry communiqué that he was no longer involved in Gazprom Germania and all associated assets. The new owner was not named. Gazprom Germania, on the other hand, has left inquiries to the media office unanswered for days.
Unclear ownership
Habeck now explained that the ministry had “been aware of” the indirect acquisition of Gazprom Germania by JSC Palmary and Gazprom Export Business Services LLC, both based in Russia. It is unclear who is behind these two companies economically and legally. In addition, the purchaser ordered the liquidation of Gazprom Germania. As long as the acquisition is not approved, this is not legal.
In Germany, the sale of companies such as Gazprom Germania that operate critical infrastructure to companies from non-EU countries must be approved by the Ministry of Economic Affairs. That did not happen in this specific case. Therefore, according to Habeck, any legal act associated with it and also the acquisition itself are “pending ineffective”. An investment review process is now being initiated and the Federal Network Agency will be appointed as trustee for a transitional period – until the end of September.
authority
The powers of the agency as a trustee are far-reaching: it exercises all voting rights in Gazprom Germania, it can recall and reappoint members of the management board and issue instructions to the management board. The authority to manage and dispose of Gazprom Germania’s assets will be limited and is subject to the approval of the Federal Network Agency. At the same time, Habeck assured that the security of supply was “currently guaranteed”.
You can contact the Berlin business correspondent René Höltschi Twitter follow.