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Gazprom plans to have 10% of U.K. gas market by 2011 - CEO

Gazprom CEO Alexei Miller
Gazprom CEO Alexei Miller - Sputnik International
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Gazprom plans to occupy 10% of the British energy market by 2011, Gazprom CEO Alexei Miller said on Friday at the Russian energy giant's annual shareholders' meeting.

MOSCOW, June 26 (RIA Novosti) - Gazprom plans to occupy 10% of the British energy market by 2011, Gazprom CEO Alexei Miller said on Friday at the Russian energy giant's annual shareholders' meeting.

"Gazprom plans to account for 10% of the British market by 2011," Miller said.

The Russian gas monopoly supplies some 7.55 billion cubic meters of natural gas to the U.K. annually.

Miller said the continuing liberalization of the European gas market was opening up new horizons for Gazprom, while the use of underground gas storage systems across Europe enabled it to make gas exports more flexible and sell more Russian natural gas.

The company has access to 50% of Britain's Humbly Grove underground gas storage facility under a 5-year agreement it signed in 2005 with Switzerland's Vitol.

Gazprom opened its U.K. office in early 1999. Gazprom Marketing & Trading sells wholesale gas with over 60 counterparts throughout Europe and has a strong retail customer base on the U.K. market.

 

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