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. Last Updated: 07/27/2016

Gazprom Eyes Europe Growth

Gazprom's international unit is growing rapidly in Europe and may buy into the West European power sector, the unit's head told Gazprom's in-house magazine in an interview.

Britain-based Gazprom Marketing & Trading, or GMT, already trades gas on the liberalized European market as well as liquefied natural gas, electricity, carbon dioxide emissions permits and financial instruments including energy derivatives.

"We began with buying and selling electricity, but now we have received the right to produce it, too," GMT CEO Vitaly Vasilyev said.

"We struck a deal with an independent British producer, Deeside power station, and from the new year we will start to supply them with gas and CO2 emissions permits, and we'll get electricity for sale on the market."

"In Britain, Holland, France and Germany we have several similar deals on working with power stations. We're not only interested in gas supplies and electricity sales, but in generation too. At the moment, Gazprom is considering a range of projects," Vasilyev said.

Vasilyev said GMT planned to supply around 2 billion cubic meters to the French market annually for the next year or two.

In Britain, the firm began supplying small commercial clients such as restaurants in 2006.

"So far, we only have about 1,000 customers. But although our share of this sector is small [about 1 percent], we plan to grow and I think we will have 5 to 10 percent within two or three years," he said.