Germany prepares to lend billions to rescue ex-Gazprom unit

Berlin is readying a major loan to rescue the Russian gas company’s former German subsidiary, now under the trusteeship of energy regulator Bundesnetzagentur while maintaining a sizeable energy business in both Europe and Britain.

Photo: Fabrizio Bensch/Reuters/Ritzau Scanpix

The German government is preparing to lend billions to rescue a former arm of Gazprom PJSC now under the control of the country’s energy regulator, according to people familiar with the matter.

A bailout for Gazprom Germania GmbH could come as early as this week, with state-owned bank KfW Group expected to issue a loan in the range of EUR 5bn to EUR 10bn, said the people, who asked not to be identified because the information is private. Talks are still ongoing and plans could change, the people said.

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