FRANKFURT, March 2 Germany-based gas trader
Wingas will transfer its U.K. commercial activities to a
subsidiary of parent company Gazprom from May 2017, a
news release on Gazprom Energy's website said on Thursday.
"The process will allow the customers of Wingas UK to
benefit from Gazprom Energy's wider gas and power offering," it
said. "There will be no disruption to services for existing
Gazprom, which supplies a third of Europe's natural gas, is
reorganising its global trade.
This became evident in its full takeover of Wingas in
October 2015: it had previously shared ownership with German
chemicals firm BASF.
A spokesman for Wingas in Germany said the aim was to
integrate Wingas more closely into Gazprom's pan-European
"We are looking at doing away with duplicate structure and
increasing efficiencies," he said.
Gazprom Energy, a Manchester-based firm that deals with
small and medium-sized industrial customers, is a 100 percent
subsidiary of Gazprom Marketing and Trading (GMT), based in
London and involved in big volume business in the wholesale
Kassel-based Wingas holds a 20 percent market share in
Germany, employing 400, and has interests in many European
regional markets, playing on its high profile among industry and
local utility customers.
Europe's increasingly diverse supply sources and savvy
customers mean competition is intense and profitability in the
sector has suffered.
(Reporting by Vera Eckert; Editing by Ruth Pitchford)