The measure will allow the German State to take the 100% ownership of SEFE GmbH replacing Gazprom Export LCC, in order to safeguard the security of gas supply to the German economy.
The measure was approved under Article 107(3)(b) of the Treaty on the Functioning of the European Union (‘TFEU'), recognising that the EU economy is experiencing a serious disturbance, by following the principles set out in the State aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022 and amended on 20 July 2022 and on 28 October 2022, and the principles of the 2014 Rescue and Restructuring Guidelines.
On 4 April 2022, due to the attempted transfer of shares and liquidation by its Russian shareholder, SEFE GmbH was placed under the trusteeship of the Federal Republic of Germany in order to be able to continue doing business and ensure security of supply. With the establishment of the trusteeship, the company came under the control of the Federal Republic of Germany until 15 December 2022. To continue business relations with market participants and thus to be able to keep serving its customers, Germany intends to assume full ownership of the company.
Under the planned measure, the existing registered capital of €225.6 million will be set to zero, which will de facto end the ownership of the present Russian shareholder. SEFE GmbH will then issue new ordinary shares to the same nominal amount. The present measure will therefore not change the equity of SEFE GmbH. The new shares will be subscribed by Germany.
