Germany may nationalize three major gas companies

MOSCOW, 15 Sep — PRIME. Germany is in the late stages of negotiations to nationalize gas companies Uniper, VNG AG and Securing Energy for Europe GmbH (formerly Gazprom Germania GmbH), Bloomberg reported, citing unnamed sources.

“Germany is in the late stages of negotiations to acquire Uniper SE and two other major gas importers in a historic move to avoid the collapse of the country’s energy market,” writes Bloomberg.

According to the agency, the cessation of gas supplies via Nord Stream brings huge losses to German companies, as it forces them to purchase “blue fuel” from other suppliers at an increased price. Bloomberg notes that Uniper is losing up to 100 million euros a day, while VNG expects losses of 1 billion euros this year.

“Everything is very complicated, we are working out everything very carefully,” Bloomberg quotes German Economy Minister Robert Habek.

Previously, German companies have applied to the German government for financial assistance. Uniper requested 9 billion euros back in July, while VNG filed a bailout last week.

Securing Energy for Europe is a renamed structure of Gazprom, Gazprom Germania, taken under temporary control by the German government on April 4.

Uniper is a German energy company. Its core business is power generation, as well as global energy trading and a wide portfolio of gas assets, making Uniper one of Europe’s leading gas companies.

VNG operates in the gas and gas infrastructure sector and has 20 subsidiaries in Germany and Europe. The staff is about 1.5 thousand people. The headquarters is in Leipzig.