Gazprom Germania, an energy trading, storage and transmission company, will be transferred to Germany’s regulator to ensure energy security, Economy Minister Robert Habeck said on Monday.

“All voting rights in the company will be transferred to the regulator, the Bundesnetzagentur,” Habeck said at a press conference. “The order of trusteeship serves to protect security and public order and to maintain the security of supply. This step is mandatory”, he underlined.

The minister added that security of supply is currently guaranteed at a time of crisis in energy ties between Germany and Russia, following the Russian invasion of Ukraine on 24 February. Bundesnetzagentur will assume control until September 30, 2022, and will have the right to dismiss executives, hire new employees and ask management how to proceed.

“Our aim will be to manage Gazprom Germania in the interests of Germany and Europe,” Klaus Mueller, head of Bundesnetzagentur, said in a statement.

Source: with agencies