The German government has created a holding company to take over the eventual nationalization of Gazprom Germania, the Russian energy giant’s subsidiary in Germany, which was practically abandoned in April, according to a report published in today’s Welt am Sonntag newspaper. .
Germany’s energy watchdog had assured in April that it would manage the company, which trades, stores and transports gas, in the interests of Germany and Europe.
The holding company, codenamed Securing Energy for Europe Holding GmbH (SEEHG), will be responsible for the company’s investments, the Welt report noted, citing a government document.
It will be led by two lawyers from CMS Hasche Sigle, the newspaper added.
The law firm declined to comment, citing confidentiality obligations.
Germany’s economy ministry said it is aware of the establishment of the holding company, clarifying that it is a precautionary measure in view of a possible restructuring of Gazprom’s German subsidiary.
This is a “completely precautionary” scheme that is currently just an empty “corporate legal shell”, a ministry spokesman explained to Welt am Sonntag.
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