Gazprom exits Gazprom Germania, one its most valuable holding companies and a key pillar of its European business.
Gazprom Germania was never only about Germany.
The company has daughters actively involved in the wholesale market all over central and western Europe (Wingas, GM&T, Vemex, Gazprom Schweiz).
Via WIGA, Gazprom Germania is also a shareholder in key gas TSOs channelling mainly Russian gas to Germany and beyond (Gascade, NEL, OPAL).
Gazprom Germania has also about 6 bcm of gas storage capacity (Haidach, Jemgum and Rehden).
The most precious component of the Gazprom Germania empire is the UK-based GM&T which developed trading activities across all major European hubs, managed Gazprom’s global LNG business and the Group’s retail activities in Europe.
No details were provided on the reason or the nature of the transaction and the new ownership structure was not announced either.
We can of course speculate on the reasons of this exodus (raids, new storage rules, etc), but without a doubt it marks a new era of Gazprom’s business in Europe…
What is your view? What could be the impact of Gazprom’s exit from Gazprom Germania and GM&T? What does it mean for their storage sites, which has to be refilled? any views on the potential buyers?
Source: Greg MOLNAR
