On Saturday 12 November, the European Commission approved €225.6 million in German aid to SEFE Securing Energy for EuropeGmbH (SEFE GmbH), formerly Gazprom Germania GmbH, currently placed under the trusteeship of Germany.
The measure will allow the German State to take 100% ownership of the company from Gazprom Export LCC, in order to safeguard the security of gas supply to the German economy.
The measure was approved under Article 107(3) of the Treaty on the Functioning of the EU, the State Aid Temporary Crisis Framework and the 2014 rescue and restructuring guidelines.
SEFE GmbH, an energy company in Germany, has incurred serious losses following the war in Ukraine. On 4 April, it was placed under the trusteeship of Germany in order to be able continue doing business and ensure security of supply.
The existing registered capital of €225.6 million will be set to zero. SEFE GmbH will then issue new ordinary shares to the same nominal amount. The new shares will be subscribed by the German authorities. (Original version in French by Lionel Changeur)