Gazprom Trading & Marketing has been active in the UK gas market for more than 20 years and has offices in London and Manchester as well as internationally. It is principally a trader of energy products including natural gas and power but also has its own retail arm, which is one of the largest suppliers to UK industrial sites and businesses.
Energy industry executives pointed out that intermediaries such as Gazprom Marketing & Trading would have similar sales agreements with multiple other fossil fuel producers in Britain and Europe. Such contracts are not always publicly disclosed, making it difficult to gauge the true extent of their influence in the region.The Elgood field is part of a new North Sea development known as Saturn Banks and is estimated to hold gas reserves of around 14bn cubic feet.
IOG’s agreement with Gazprom, reached after a competitive bidding process involving more than 10 traders, also covers the company’s share of production from several other fields in the Saturn Banks scheme, which are at a later stage of development.said on Monday there was a “strong moral imperative on British companies to isolate Russia”.
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