Gazprom, Russia’s state-backed gas giant, has taken in £179m in dividends from Europe’s energy crisis.
The largest producer of natural gas in the world received the payment from its London-based trading firm, which is a betting company on power and gas 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
These comments suggested that the company could see strong results in 2021 when natural gas prices soared to new heights, threatening several UK energy suppliers.
Russia holds a major stake in the company. It has been accused of creating the European energy crisis by restricting gas exports.