Germany has started the process of selling most of its stake in energy company Uniper, more than three years after it was nationalised following its near-collapse during the Ukraine war, News.Az reports, citing AFP.

The government announced on Tuesday that the formal sales process has been launched as Berlin moves to reduce its ownership in the company.

Uniper was plunged into financial crisis when Russia reduced gas supplies to Europe amid rising tensions following its February 2022 invasion of Ukraine. The company had been heavily dependent on Russian gas imports.

To prevent the company’s collapse, Berlin stepped in with a bailout worth 13.5 billion euros ($15.7 billion) in September 2022. Officials feared that Uniper’s failure could have had severe consequences for Europe’s largest economy.

However, approval from the European Union for the state aid required Germany to commit to reducing its ownership stake over time. The finance ministry confirmed on Tuesday that this divestment process has now begun.

A ministry spokesperson told AFP that the government is “launching the official process to determine demand from potential buyers.”

Germany currently holds more than a 99% stake in Uniper and plans to reduce this to 25% plus one share, allowing it to retain influence over key decisions linked to energy security.

The spokesperson added that the government will ensure the company remains viable and that Germany’s energy supply security is protected.

News.Az 

By Nijat Babayev