The European Commission has approved a €225.6 million German aid measure to support SEFE Securing Energy for Europe GmbH, previously Gazprom Germania, currently placed under the trusteeship of Germany.
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The measure will allow the German State to take the 100% ownership of SEFE GmbH replacing Gazprom Export LCC, in order to safeguard the security of gas supply to the German economy.
Germany notified to the Commission under Article 107(3)(b) TFEU a €225.6 million measure to support SEFE GmbH. The measure will allow the German State to take the 100% ownership of SEFE GmbH replacing Gazprom Export LCC, a majority State-owned Russian company.
The measure follows the principles set out in the State aid Temporary Crisis Framework, according to which companies severely affected by the current crisis, in particular energy companies, may receive solvency support when private sources alone are not sufficient. It also follows the principles of the 2014 Rescue and Restructuring Guidelines.
SEFE GmbH, a systemic energy company in Germany, previously named Gazprom Germania GmbH, has a 14% share in the gas supplies market in Germany and is active also in other Member States.
In addition, it owns and operates 28% of the gas storage serving the German market and owns gas pipelines in Germany and other Member States.
Following Russia's aggression against Ukraine and the subsequent disruption of gas deliveries by Gazprom, SEFE GmbH has incurred serious losses.
On 4 April 2022, due to the attempted transfer of shares and liquidation by its Russian shareholder, SEFE GmbH was placed under the trusteeship of the Federal Republic of Germany in order to be able to continue doing business and ensure security of supply.
With the establishment of the trusteeship, the company came under the control of the Federal Republic of Germany until 15 December 2022. To continue business relations with market participants and thus to be able to keep serving its customers, Germany intends to assume full ownership of the company.
Under the planned measure, the existing registered capital of €225.6 million will be set to zero, which will de facto end the ownership of the present Russian shareholder.
SEFE GmbH will then issue new ordinary shares to the same nominal amount. The present measure will therefore not change the equity of SEFE GmbH. The new shares will be subscribed by Germany.
The approval is subject to Germany's compliance to conditions to limit potential distortions of competition, namely an acquisition ban and a bonus ban. ■