Germany has nationalized the gas company Securing Energy for Europe (SEFE), formerly a subsidiary of Russian company Gazprom, citing impending bankruptcy that could disrupt Germany's energy supplies.
In a statement, the Economy Ministry justified the move by citing an impending insolvency of SEFE, which it said would endanger the security of gas supplies in Germany.
"In order to avert this danger and to maintain SEFE's operational business, the change of ownership is now being carried out and the company stabilized," it said. The corresponding order was published in the Federal Gazette.
The ministry emphasized that SEFE, formerly Gazprom Germania GmbH, has been under the trusteeship of the Federal Network Agency since April.
The ministry said the former owners would be compensated but noted that "this compensation process has not yet been completed."
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