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German authorities have decided to rename Gazprom Germany "Securing Energy for Europe", the press service of the cabinet announced today, quoted by BTA.

Eventually, Gazprom Germany will be renamed, the statement said.

The move will send a clear signal to the market that the aim of the measures taken is to ensure the energy supply of Germany and Europe, the text reads.

Gas transmission on Nord Stream-1 is limited due to delayed repairs

The German government has decided to put Gazprom Germany under long-term external control and grant a multibillion-dollar loan to save it from possible bankruptcy, the press service said.

The Office of the Federal Chancellor, the Ministry of Economy and Climate Protection, as well as the Ministry of Finance have decided to extend the term of office of Gazprom Germany until September 2022, the cabinet said.

With a loan from Kafwe (KfW), the German government will prevent bankruptcy and the domino effect on the market, the statement said.

Germany will provide a 9-10 billion-euro package to Gazprom Germany, a government source was quoted as saying by Reuters.

Gazprom

Germany