Centrica considers cutting ties with Gazprom following Ukraine invasion
UK energy company Centrica is looking at cutting ties with Russian gas giant Gazprom following Moscow’s invasion of Ukraine.
The company, which signed an agreement with Gazprom in 2012 and later extended it until summer 2025, has now “entered into discussions with Gazprom about exiting this agreement,” without any impact on UK gas supplies.
“We are shocked by the events unfolding in Ukraine and the needless loss of lives,” Centrica’s chief executive Chris O’Shea told the Times today.
If it were to succeed, Centrica would not be the first company to cut ties with Moscow as yesterday Shell announced it will exit its joint ventures with Gazprom following intense pressure from Downing Street, City PM reported.
Shell will ditch a 27.5 per cent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development and the Gydan energy venture.
As more companies seek to distance themselves, Gazprom’s natural gas exports fell 32.5 per cent between January and February, hitting 23.2bn cubic meters.