On Friday, Germany’s energy network regulator said it would secure the continuation of activities at Gazprom Germania, a trading, storage, and transmission business abandoned by Russia’s Gazprom (GAZP.MM), and urged market participants not to terminate relations.
The firm’s activities are critical for the European gas market and its supply to industry and homes, with assets and subsidiaries in Germany, the United Kingdom, Switzerland, Belgium, the Czech Republic, and elsewhere in Europe.
Russia’s Gazprom said a week ago that it was ceasing operations in Germany, at a time when energy connections between the two nations were fraying as a result of Russia’s invasion of Ukraine. It provided no explanation.
‘The Bundesnetzagentur will verify that any payments made by Gazprom Germania GmbH are only made to sustain business operations, thereby preventing an uncontrolled outflow of funds,’ the German regulator said in a letter to Gazprom Germania-connected operators obtained by Reuters.
The letter had been posted, according to the authority’s spokespeople.
‘It will also ensure that the company can and will make its payment obligations in order to continue operating,’ t added.
The Economy Ministry took control of Gazprom Germania GmbH on April 4 in order to prevent a prospective takeover by JSC Palmary and Gazprom Export Business Services LLC, both of Russia, the Economy Ministry announced at the time.
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