Home News Gazprom is giving up its German business

Gazprom is giving up its German business


According to the quoted source, it is not yet clear how this decision will affect the Russian gas supplies, on which Germany depends for about 40% of its needs.

The Russian state-controlled energy giant said it had closed its stake in Gazprom Germany GMBH and all its assets, including Gazprom Marketing & Trading Ltd. The Russian company did not provide further details or explanations, Agerpres reports.

Earlier, however, the German financial daily Handelsblatt published an article in which the German Ministry of Economy considered the possibility of expropriating German subsidiaries Gazprom and Rosneft, amid concerns about security of energy supply. In response, the Kremlin warned on Friday that such a move would violate international law.

Gazprom Germany is headquartered in Berlin and its sole shareholder is Gazprom Export, a wholly owned subsidiary of the Gazprom Group. This German entity has subsidiaries in several countries such as Switzerland and the Czech Republic.

Its main areas of business are the storage, trading and supply of natural gas and fuel for road transport and the shipping sector, controlling a network of gas stations in Germany and the Czech Republic.

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Russian President Vladimir Putin on Thursday signed a decree requiring those who buy Russian natural gas to pay in rubles. Germany has rejected a change in its terms, and the German economy minister has warned that he will not be “blackmailed” by Putin.

The Romanian companies do not have import contracts concluded directly with Gazprom, but with two intermediary companies: Imex Oil, a subsidiary of the Russian group Conef, and WIEE, a joint venture between Gazprom and the Germans from Wintershall.

According to data released by AFP on Thursday, the European Commission carried out a surprise inspection at the German offices of the Russian company Gazprom, which it suspects caused a rise in the price of natural gas in Europe by abusing its dominant position in this market.

The EU executive acknowledged in a statement on Thursday that it had carried out inspections with the German competition regulator “at the offices of several companies operating in the field of gas supply, transport and storage in Germany”.

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Brussels has not confirmed that its investigation targeted the Russian group Gazprom, but two European sources told AFP that the investigations that took place on Wednesday targeted the offices of the Russian group, as well as its natural gas distribution subsidiary Wingas.

“Unexpected inspections are a preliminary step in the investigation into alleged anti-competitive practices. The fact that the Commission carries out such inspections does not mean that companies are guilty of anti – competitive behavior and does not prejudice the outcome of the investigation itself, “the EU executive said.

Read also: European Commission, surprise inspection in Gazprom’s German offices

Gazprom announces that gas exports will continue according to Russian regulations. Why the supply of Europe will not be stopped on Friday

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