Gazprom UK says future secured by German takeover
By Sean Farrell
Date: Tuesday 05 Apr 2022
(Sharecast News) - Gazprom's UK unit said its operations were safeguarded by Germany's decision to take over its parent in a move that appears to remove the need for the British government to step in.
Gazprom Marketing & Trading (GM&T) buys gas on wholesale energy markets. Its UK unit, Gazprom Energy, supplies companies and other organisations including parts of the NHS.
Russia's invasion of Ukraine prompted some customers to cut ties with the business raising fears about the effect if the business collapsed. Reports had said the UK government was ready to nationalise GM&T at an estimated cost of £4bn.
GM&T and Gazprom Energy said late on Monday that after Germany took control of their immediate owner, Gazprom Germania, doubts about their future had been assuaged. Gazprom, the companies' Russian parent, said on 1 April it had cut ties with the German business.
"This completely removes with immediate effect any concerns about the viability and future of GM&T and its subsidiaries (including Gazprom Energy) since ultimate control is now held indirectly by the German state and not by PJSC Gazprom," GM&T said on its website.
"Given the operational and financial independence of GM&T from PJSC Gazprom, there are no adverse financial or other implications from the actions of the German government."
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN