OREANDA-NEWS. GAZPROM Germania GmbH is to become the majority shareholder of SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft (SOVAG) with a shareholding of 50.1 % following shareholder restructuring.

GAZPROM's core business activities include the exploration, production, transportation, supply, trade, and storage of natural gas in Russia. GAZPROM also develops business and investment activities in European countries, and has implemented several investment projects and supports the operations of projects that are in production operation (such as underground natural gas storage facilities and natural gas for transport projects, for example). To ensure best possible risk protection for its clients, GAZPROM Germania has in the past arranged professional insurance coverage for its investment projects from companies including SOVAG.

SOVAG's new shareholders structure will be as follows: GAZPROM Germania: 50.1 %, IC SOGAZ: 25.1 %, Volga Investments: 24.8 %. The transaction is subject to mandatory regulatory approval.

GAZPROM's majority shareholding in SOVAG demonstrates its focused approach to consolidating competencies in order to provide high-quality insurance protection for all ongoing GAZPROM Group projects in Europe and the further development of SOVAG on the European corporate insurance market.

GAZPROM Germania GmbH is a subsidiary of the world's largest natural gas producer, Moscow-based GAZPROM. Since its establishment in 1990, GAZPROM Germania GmbH has developed into an internationally operating group of around 40 companies in over 20 countries in Europe, Asia, and North America. Its main business activities include the storage and trading of natural gas and natural gas for transport. It employs around 1,200 employees, 200 of whom work at its Berlin headquarters. Together with its strategic partners, GAZPROM Germania GmbH helps ensure a reliable, environmentally-friendly, and sustainable energy supply for Europe.