Germany will put Gazprom Germania, the energy business abandoned by Russia’s Gazprom in April, under long-term administration and back it with a loan of around €10-billion to help bolster the security of Europe’s energy supplies.
A government source said state investment bank KfW would support the company with a loan of between 9 and €10-billion designed to ensure the continuity of a business that is important for Europe’s energy supplies. German Finance Minister Christian Lindner said the state-guaranteed loans would have no implications for the federal budget.Gazprom Germania’s intertwined network of units includes trader Wingas and storage firm Astora, which operates 6 billion cubic metres of underground gas caverns in Germany and Austria.