The German company Securing Energy for Europe GmbH (SEFE) – the former “daughter” of Russian “Gazprom” Gazprom Germania GmbH – despite large-scale assistance from the German state, does not have enough billions to stay afloat and replace the sub- delivered Russian gas, SEFE chief Egbert Laege said in an interview with Der Spiegel on Friday, August 19.

“Gas supplies have already declined. With sanctions (against Russia because of the war in Ukraine – Ed.) we lost everything: both pipeline gas and liquefied natural gas. According to the current state, just over 4 billion euros are needed to maintain the company’s liquidity and just over 5 billion to guarantee the replacement of undelivered Russian gas,” he said.

The need for additional government assistance

The head of SEFE did not rule out that the company will need more assistance from the government, as gas purchase prices have turned out to be higher than initially calculated. “So securing supplies, which is our main objective, is likely to cost more than we thought,” he said.

SEFE expects to receive additional assistance from the state after the gas surcharge in Germany starts operating from October 1st. Previously, the German state bank Kreditanstalt für Wiederaufbau (KfW) had already allocated a record €9.8 billion to SEFE.

“Gazprom” ceased to control its German “daughter” as of April 1. After that, Gazprom Germania was transferred to the control of the Federal Network Agency.