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Germany nationalizes the country's largest gas importing company

2022-09-21 10:45:00, Kosova & Bota CNA
Germany nationalizes the country's largest gas importing company
Illustrative photo

The German government has agreed to nationalize the country's largest gas importing company, Uniper.

This is an extension of the state's intervention in the industry to prevent energy shortages resulting from the Russian occupation of Ukraine.

The deal with Uniper is based on a rescue package agreed in July, with a capital increase of 8 billion euros to be financed by the government.

As part of the deal, the German government will take a majority stake in Uniper, which until now was controlled by Finland-based Fortum.

The Finnish government has the largest stake in Fortum.

Uniper's losses have increased as Russia has cut natural gas supplies to European countries that support Ukraine. Prices have risen for the fuel needed to heat homes, generate electricity and power plants, raising fears of businesses shutting down while the weather cools.

Last week, Germany also took control of three Russian-owned oil refineries, ahead of an embargo on Russian oil coming into force next year.





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