OGZPY - Germany places Gazprom subsidiary under state control to secure gas supply

Germany's government on Monday said it will temporarily take control of a longtime German subsidiary of Russian state-owned natural gas giant Gazprom (OTCPK:OGZPY) to maintain the continuity of gas supply in Germany and Europe. "The German government is doing what is necessary to ensure security of supplies in Germany, and that includes not exposing energy infrastructure in Germany to arbitrary decisions by the Kremlin," Economy Minister Robert Habeck, adding the move is "imperative" as Gazprom Germania runs "critical infrastructure" in the country, including storage, trading and transporting of natural gas. The move comes after Gazprom on Friday said it was exiting its business in Germany without elaborating. The decision, which Habeck called a "transitory solution," will remain in effect until September 30. Germany, which receives ~40% of its gas from Russia, has said it would reduce its dependence on Russian gas but has resisted calls for an immediate embargo on

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Germany places Gazprom subsidiary under state control to secure gas supply