Germany Seizes Control of Gazprom Unit to Secure Gas Supply

(Bloomberg) — Germany will temporarily take control of a unit of Gazprom PJSC in the country as it seeks to safeguard security of gas supply.

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Gazprom Germania GmbH — owner of energy supplier Wingas GmbH and a gas storage firm — will come under the trusteeship of the German energy regulator until Sept. 30, Economy Minister Robert Habeck told reporters in Berlin. That means the Federal Network Agency will assume the role of a shareholder and can take all necessary measures to ensure security of supply, he said. The government won’t ultimately take ownership of the company.

Gazprom subsidiaries in Europe are coming under pressure as clients and business partners refuse to do business with them, raising the prospect that some won’t survive. Gazprom Germania’s Astora unit operates Germany’s biggest gas storage facility in the northern town of Rehden in the state of Lower Saxony. The site is considered key to Germany’s energy security.

“The federal…