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Gazprom May Sell U.K.-Belgium Gas Pipeline Stake After 20 Years

Source: Bloomberg 11/23/2015, Location: Asia

Gazprom PJSC, the supplier of about 30 percent of Europe’s natural gas, may sell its stake in one of the two pipelines connecting the U.K. to mainland Europe after more than two decades.

The company’s board will consider disposing of its 10 percent stake in the U.K.-Belgium gas link operator, Interconnector UK Ltd., at a meeting on Nov. 30, the Moscow- based producer said in a regulatory filing on Monday. It didn’t clarify whether the sale would be to a Gazprom unit and the company’s press service declined to comment immediately on the planned deal.

Gazprom purchased its stake in the 235 kilometer pipeline that can switch the direction of gas flows between terminals at Bacton in the U.K. and Zeebrugge in Belgium in December 1994. Russia’s state-run exporter has been using the pipe to sell gas in the U.K. through its trading unit Gazprom Marketing & Trading Ltd.

Gazprom rents about 6 billion cubic meters (200 billion cubic feet) a year of the pipeline’s capacity to the U.K. and 2 billion cubic meters in the opposite direction, according to its Oct. Eurobond prospectus. The link has an annual capacity to Britain of 25.5 billion cubic meters and to Belgium of 20 billion. Britain used 66.7 billion cubic meters of gas last year and Belgium 14.7 billion, BP Plc data show.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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