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April 1, 2022

Germany may nationalise subsidiaries of Russian firms Gazprom and Rosneft

The options being considered include the restructuring of Gazprom’s unit Wingas, or finding a new energy provider.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Germany is considering nationalising the German subsidiaries of Russian firms Gazprom and Rosneft to address concerns over energy supply security, Reuters reported, citing a report published by local business daily Handelsblatt.

The report comes amid the country’s efforts to reduce its dependence on Russian energy, in the wake of Moscow’s military war against Ukraine.

According to the newspaper, the German Economy Ministry officials, and Chancellor Olaf Scholz, are discussing ways to prevent massive power cuts in the country in case either of these companies face difficulties, as many clients and business have refused to do business with them.

Gazprom’s Germany subsidiary Gazprom Germania operates large gas storage facilities while Rosneft’s unit Rosneft Deutschland is a key player in the petrol, diesel, and kerosene refinery markets.

Germany is considering options for Gazprom’s unit including restructuring Wingas, or finding a new energy provider for its customers, reported Bloomberg, citing people familiar with the matter.

The people said that clients are not considering signing new contracts with Wingas while some banks are delaying transactions for the firm.

Germany has recently put Rosneft’s proposed stake acquisition in the PCK Schwedt refinery under review.

In a separate development, Germany’s EnBW plans to buy at least three billion cubic metres of natural gas a year from the proposed liquefied natural gas (LNG) terminal in Stade, in an attempt to cut its use of Russian coal and gas.

A memorandum of understanding has been signed with Hanseatic Energy Hub (HEH), the LNG hub’s operator.

Planned to be commissioned in 2026, the Hanseatic Energy Hub is expected to have regasification capacity of approximately 12 billion cubic meters per annum (bcma).

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