Germany clears €5.1bn RWE unit sale to Russian investor

Germany’s economy ministry approved the sale of utility RWE’s oil and gas unit DEA to a Russian investor despite tensions between Russia and the West over the Ukraine crisis.

The go-ahead announced today removes the biggest hurdle for the €5.1 billion sale, a major plank in RWE’s struggle to reduce a debt burden of more than €30 billion.

As part of the deal, Russian tycoon Mikhail Fridman and his co-investors will get stakes in about 190 oil and gas licences or concessions in Europe, the Middle East and north Africa.

Deputy economy minister Stefan Kapferer told journalists today that the fact the deal would not endanger Germany's energy supply and the buyer consortium's EU base had also been a decisive factor.

The EU’s antitrust watchdog has given the green light for the deal. – (Reuters)