Great Britain

Gazprom Group is represented in the British market by Gazprom Marketing & Trading (GM& T)Gazprom Marketing & Trading was established in May 1999 under the name Gazprom UK Trading to optimize capacity utilization in the Interconnector gas pipeline connecting the UK with the European continent, as well as to develop trading activities in the liberalized markets of Europe. Gazprom PJSC has been a shareholder of the Interconnector since 1994. The main activities of the company today include selling physical volumes of Russian gas on trading platforms in the Western Europe; trading gas, electricity, oil and petroleum products on the main trading platforms in Europe; sales of gas and electricity to the end consumers in the UK, France, Germany and the Netherlands; development of LNG trading activities in the Atlantic and Pacific Basins' markets. Managing its gas portfolio of more than 320 bcm per year, GM&T performs its own booking of transport and UGS capacities, as well as conducts swap (exchange) operations. This allows to effectively optimize the product portfolio, as well as to generate additional revenue from the price difference between different European markets and delivery periods.. Along with Russian gas, its trade portfolio  includes gas from other producers. In addition, GM& T purchases and sells significant volumes of gas directly on trading platforms.

To optimize the supply of Russian gas to the British market, GM& T uses the capacities of the Interconnector and BBL gas pipeline, as well as swap (exchange) operations that allow to reduce transportation costs. GM& T has repeatedly participated in operations such as exchanging pipeline gas for LNG.

Selling gas to end consumers allows the company to diversify its revenue sources and provide additional guarantees for natural gas sales in the liberalized market of the United Kingdom. In 2019, the volume of gas sales to end consumers in the UK through the Gazprom Marketing & Trading Retail subsidiary amounted to about 4.9 bcm.

Having started with a volume of 260 mcm in 2006, Gazprom Group delivered 10.32 bcm of Russian natural gas to the British market in 2019.