ECONOMY
Gazprom cashes in on Europe’s energy crisis

Gazprom, Russia’s state-backed gas giant, has taken in £179m in dividends from Europe’s energy crisis. 

The world’s largest gas producer amassed the payout from its London-based trading business, which bets on the movements of gas and power prices.

In its results for 2020, the trading arm, Gazprom Marketing & Trading Ltd, noted that the plunge in energy demand during the pandemic had ‘provided opportunities’ to take advantage of the ‘highly volatile market conditions’.

The comments hinted that the business could also see a strong showing in 2021, when natural gas prices rocketed to unprecedented levels, felling several UK energy suppliers.

Russia, which owns a majority stake in the company, has been accused of causing the European energy crunch by restricting gas exports.

Source: Dailymail.co.uk

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