• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, May 19, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Future Tech Clean Energy

Germany nationalizes former Gazprom subsidiary

by Sumbul Farid
November 15, 2022
in Clean Energy, Future Tech, Popular, World
Reading Time: 2 mins read
0
Bitcoin donations for Ukraine military surpass $1M

BERLIN, GERMANY - FEBRUARY 24: A woman wears make up in the colors of the Ukrainian flag protesting against Russian invasion of Ukraine in front of Brandenburg gate on February 24, 2022 in Berlin, Germany. Russia began a large-scale attack on Ukraine, with explosions reported in multiple cities and far outside the restive eastern regions held by Russian-backed rebels.(Photo by Hannibal Hanschke/Getty Images)

TwitterWhatsappLinkedin

On Monday, Germany announced the nationalization of a former subsidiary of Russia’s energy giant Gazprom, as the country looks forward to take measures to secure its energy needs as it breaks free from relying on Russian resources.

You might also like

Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

Audi Officially Retires the Q8 e-Tron, A Successor is Already in the Pipeline

“We came close,” admits Sundar Pichai about Google’s near acquisition of Netflix

Source: Reuters

Earlier known as Gazprom Germania, the company is now called Securing Energy for Europe GmbH (SEFE). It indirectly looks after the country’s largest gas storage facility located in northwestern Rehden.

On Monday itself, a similar move was also brought into action in Poland, when the country’s development minister announced that Warsaw will acquire Gazprom’s Polish assets.

The decision regarding Germany came on Monday, after the European Union Commission agreed over the weekend to provide the Russian subsidiary in Germany with an aid of €225.6 million ($233 million), making a way for the nationalization.

Why was the company nationalised by Germany?

The government of Germany insists that the move is paramount to secure its energy resources as the war goes on between Russia and Ukraine.

Earlier in April, Berlin had exerted its effective control over the company, leaving the ownership in questionable circumstances. Having said that, Germany’s Federal Ministry for Economic Affairs and Climate Action on Monday, tried to persuade banks and business partners to resume business relations or enter into new ones.

Gazprom pipelines in Germany Source: CNBC

The ministry added, justifying  its decision to nationalize.”This [situation] jeopardised the continuation of SEFE’s business operations and thus the gas supply,”

Now an asset of the German state, Russian Gazprom has effectively lost its shares in the company, as per the information provided by the ministry.

A similar move by Poland

Similarly on Monday, the Polish administration said that it would acquire 48% of Russian stake in Europolgaz, which owns the Polish section of the Yamal-Europe gas pipeline. The 4,107-kilometer (2,552-mile) pipeline joining Russia’s natural gas fields in the Yamal Peninsula and Western Siberia with Poland and Germany.

Polish Development Minister Waldemar Buda said the move was made to “ensure the security of [Poland’s] critical infrastructure.”, cited by the French news agency AFP in an emailed statement.

Poland sanctioned 50 Russian oligarchs and companies, including Gazprom, in response for Russia’s invasion of Ukraine in February. Russia, on the other hand, suspended gas supply to Poland after the country refused to pay in rubles.

Buda told Reuters, “We are doing all we can to counteract Russia’s aggression and eliminate Russian capital and influence, expropriation is not possible under [the] Polish constitution, hence we decided to enact compulsory management.”

Tags: EnergyGasGazpromGermanyPolandRussiaukraineWar
Tweet54SendShare15
Previous Post

Sam Bankman-Fried another trading firm Alameda Research questioned 

Next Post

More than 1,000 duped of crores in pan-India online Ola scooty scam; 16 arrested

Sumbul Farid

Recommended For You

Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

by Rounak Majumdar
May 18, 2025
0
Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

In May 2025, India's national security environment changed drastically after the disastrous Pahalgam terror strike in Jammu and Kashmir, which left 26 people dead. The Indian government responded...

Read more

Audi Officially Retires the Q8 e-Tron, A Successor is Already in the Pipeline

by Samir Gautam
May 17, 2025
0
Audi Officially Retires the Q8 e-Tron, A Successor is Already in the Pipeline

Audi has officially pulled the plug on the Q8 e-tron, marking the end of an era for the automaker’s first dedicated electric SUV. The announcement follows the closure...

Read more

“We came close,” admits Sundar Pichai about Google’s near acquisition of Netflix

by Ishaan Negi
May 17, 2025
0
Another milestone in Sundar Pichai’s journey as AI boom gets him close to billionaire status

In a rare moment of candid reflection, Google CEO Sundar Pichai recently disclosed that the tech titan once came very close to acquiring Netflix — a move that,...

Read more
Next Post
EATS

More than 1,000 duped of crores in pan-India online Ola scooty scam; 16 arrested

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?