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Gazprom announces acquisition of Envacom Services

November 15, 2011, 0:11 UTC+3
As a result of the transaction Gazprom has got access to the German internal electricity market
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LONDON, November 15 (Itar-Tass) — Gazprom’s trading arm - Gazprom Marketing and Trading has announced the acquisition of the German energy company Envacom Services GmbH, which specialises in the supply of electricity in the retail market in Germany. Itar-Tass office in London received the corresponding communique on Monday.

As a result of the transaction Gazprom has got access to the German internal electricity market. It begins to sell electricity to Germany and to provide relevant services under the brand Gazprom Energy.

According to Gazprom Marketing and Trading Retail Managing Director Jon Feingold, his company aims at winning 10 percent of Germany’s electricity market for corporate clients - large enterprises and companies. Feingold said that Gazprom will continue to acquire assets on the domestic market of Germany.

According to the company’s press release, Gazprom Marketing & Trading Limited is pleased to announce that it has acquired Envacom Service GmbH, a German retail power company. The new entity, Gazprom Marketing and Trading Retail Germania GmbH, which will market its products and services as “Gazprom Energy”, provides a solid foundation on which to build upon the Gazprom group’s strength of supplying power to the business sectors through its range of products and excellent customer service, which has seen it propelled to one of the leading corporate energy providers in the United Kingdom, Ireland and France.

As a young and innovative business, this move is a perfect fit for Gazprom Energy as it looks to fulfil its strategic ambition of becoming a truly global energy supplier. Gazprom Energy brings much needed investment, solid financial backing, additional skills and proprietary technology to the German market.

Jozua Knol, Managing Director of Gazprom Energy in Germany, said: “The acquisition of this business represents a significant step for Gazprom in our strategy to accelerate growth in our power business. We are looking forward to delivering on the promise of this acquisition, to building value for our customers, and delivering on the Gazprom group’s strategy of business diversification.” “The transaction is entirely amicable, and we look forward to not only providing security for existing staff and customers, but also investing in the business, creating new jobs and promoting competition within the German power market.”

Jon Feingold said: “With a solid customer base in Germany, this business gives us a platform to access to one of the largest and most liquid energy markets in Europe. We are confident we can grow market share organically from here using the same model that has seen significant success in the British, Irish, French and more recently Dutch corporate sectors.

Based in London, Gazprom Marketing and Trading is a global business that provides customers with integrated energy solutions. Its offices in the USA, Europe and Asia offer a unique suite of products – from gas and electricity to smart metering and carbon deals. Gazprom Marketing and Trading is wholly owned by the investment and holding company Gazprom Germania GmbH. This in turn is a 100 percent subsidiary of Gazprom Export – the export arm of OAO Gazprom, the world’s largest gas producer.

OAO Gazprom is an open joint stock company, established in 1989 as a successor to the state run gas company. It explores and develops natural gas fields and extracts, processes, transports, stores and refines natural gas. It also supplies energy to domestic and foreign customers.

Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow. Gazprom was created in 1989 when the Ministry of Gas Industry of the Soviet Union transformed itself into a corporation, keeping all its assets intact. The company was later privatised in part, but currently the Russian government holds a controlling stake. In 2008, the company produced 549.7 billion cubic metres (BCM) of natural gas, amounting to 17 percent of the worldwide gas production. In addition, the company produced 32 million tonnes of oil and 10.9 million tonnes of gas condensate. Gazprom’s activities accounted for 10 percent of Russia’s GDP in 2008. The major part of Gazprom’s production fields are located around the Gulf of Ob in Yamalo-Nenets Autonomous Okrug in Western Siberia, while the Yamal Peninsula is expected to become the company's main gas producing region in the future. Gazprom possesses the largest gas transport system in the world, with 158,200 kilometres of gas trunk lines. Major new pipeline projects include Nord Stream and South Stream.

The company possesses subsidiaries in many different industry sectors, including finance, media and aviation. In addition, it controls majority stakes in various companies.

In Russia, Gazprom carried out 284.9 kilometres of exploration well drilling; 124,000 kilometres of 2D seismic survey and 6,600 square kilometres of 3D seismic survey in 2008. As a result, gas reserves grew by 583.4 billion cubic metres, while oil and condensate reserves grew by 61.0 million tonnes. Gazprom also carries out prospecting and exploration in foreign countries such as India, Algeria, Venezuela, Vietnam, Libya, Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan.

 

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