Centrica Will Exit Agreements With Gazprom, Russian Counterparts
01 Marzo 2022 - 7:23PM
Dow Jones News
By Anthony O. Goriainoff
Centrica PLC said Tuesday that it intends to exit its gas supply
agreements with its Russian counterparts, and with Gazprom PJSC in
particular "as a matter of urgency," due to the war in Ukraine.
The U.K. energy company, which owns British Gas, said it was
working through the details of how best to do this and that it will
ensure it remains compliant with all relevant sanctions.
The company said that although its supply contract wasn't
affected by current U.K. sanctions, it was nonetheless exploring
how it can be terminated.
The company said that Gazprom has been an active trading
participant in the U.K. gas market for several years and is a
counter party to U.K. energy traders.
It added that it had a medium-term contract with the Russian
company's U.K. entity--Gazprom Marketing & Trading--and that
although it provided some gas volumes, this was a fraction of
Centrica's downstream demand. The company said that as the gas
wasn't physical gas molecules from Russia, it could be sourced
anywhere.
"We are shocked by the events unfolding in Ukraine and the
needless loss of lives," Chief Executive Chris O'Shea said.
The move comes after U.K. energy companies such as Shell and BP
have maneuvered to exit Russian operations following the Russian
invasion of Ukraine.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
March 01, 2022 13:08 ET (18:08 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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