Gazprom exits London-based Gazprom Marketing & Trading

Posted at April 2, 2022 » By : » Categories : News » Comments Off on Gazprom exits London-based Gazprom Marketing & Trading

Russia’s energy giant Gazprom has announced it has exited its German subsidiary its business in Germany and a trading arm in the UK.

The gas producer has pulled out of Gazprom Germania GmbH and all of its units, including London-based Gazprom Marketing Trading (GMT), it said in an announcement.

The move follows Vladimir Putin’s threat yesterday to turn off Europe’s gas supplies if countries don’t pay in roubles.

His announcement faced fierce criticism from European leaders.

The company did not explain further its decision.

Szymon Kardas, an Energy Expert at the University of Warsaw tweeted: “It seems that Gazprom decided not to wait for nationalisation by the authorities in Berlin and withdrew itself from the German company Gazprom Germania GmbH.

“A similar decision was also made with regard to GMT.”

In a statement, GMT said: “GMT has noted the statement released by Gazprom around 11.45am (BST) stating that Gazprom Group has “ceased its participation” in GMT and Gazprom Germania Group. At this time, we are not in a position to comment on the new ownership structure.

“GMT remains operationally independent. We source our gas in the European wholesale markets in exactly the same way as other market participants and since Q1 2021 we have not received gas under long-term contracts with Russia.”

Article source:

About admin

Comments are closed.