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EurOil: Germany's SEFE acquires controlling interest in pipeline operator

Germany’s state-owned energy group SEFE has agreed to buy gas company Wintershall Dea’s controlling stake in the country’s gas transmission system operator WIGA, the companies said on March 26.

The sale of Wintershall’s 50.02% interest in WIGA is on track for closure in 2024. SEFE, formerly the German subsidiary of Russia’s Gazprom that was nationalised in 2022, already holds a 49.98% stake in the company, which is the sole shareholder of German regulated transmission operators GASCADE and NEL Gas Transport.

Together the pair operate onshore pipelines with a combined length of 4,150 km with direct connections to five European countries. These include the OPAL, EUGAL and NEL pipelines, which were previously hooked up to arrival points for Russian gas via the Nord Stream 1 pipeline, which was rendered inoperable as a result of sabotage in autumn 2022.

The deal’s price tag was not disclosed, although Wintershall Dea estimates WIGA’s net regulated asset base at €3bn. The deal is subject to approval by the European Commission.

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