Not sure taking over a downstream business would do any goods to German energy security.
FRANKFURT, April 4 (Reuters) - Gazprom Germania, an energy trading, storage and transmission business ditched by Russia's Gazprom
on Friday, 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 moved to the regulator, the Bundesnetzagentur, Habeck told a news conference. The move was immediately put into effect by publication in the Federal Gazette.
"The order of the trust administration serves to protect public security and order and to maintain the security of supply," Habeck said. "This step is mandatory."
Habeck added that security of supply was currently guaranteed at a time of crisis in energy ties between Germany and Russia in the wake of Russia's Feb. 24 invasion of Ukraine.
The Bundesnetzagentur will be take over control up to Sept. 30, 2022. It will be entitled to remove executives, hire new staff and ask management how to proceed.
"Our goal will be to run Gazprom Germania in the interests of Germany and Europe," Klaus Mueller, head of the Bundesnetzagentur, said in a statement.
The Economy Ministry said the move was to stave off possible acquisition of Gazprom Germania by JSC Palmary and Gazprom export business services LLC, both of Russia.
It was unclear who was behind the companies, the ministry said, implying that an acquisition was legally not permissible, given the investors were from outside the EU and about to operate critical infrastructure.