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’.
Hot stuff: Gazprom amassed the £179m payout from its London-based trading business, which bets on the movements of gas and power prices
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.
