GAZPROM SELLS ITS AUSTRIA AND ITALY SUBSIDIARIES

Gazprom’s Austrian and Italian divisions transferred to Dubai investors.

Gazprom has sold its Austrian and Italian trading companies to Dubai-based investment firm EGH Gulf, Bloomberg reports.

EGH Gulf acquired Vienna-based Centrex Europe Energy & Gas AG, including its Italian subsidiary, in January, according to documents filed with the Austrian commercial register. Centrex Italia also announced the change of ownership in a statement on its website last month.

Centrex is a member of the Austrian gas exchange CEGH. In 2023, the company reported revenues of 817 million euros, mainly from own sales.

EGH Gulf is headquartered in Dubai Silicon Oasis, an economic zone offering favorable tax and operating conditions. According to the UAE’s corporate registry, the publication states that the company was founded in March 2024 with a focus on energy trading and production.

Bloomberg notes that the deal follows the cessation of Russian gas supplies through Ukraine and an arbitration ruling that forced Gazprom to pay Austrian state energy company OMV €230 million in compensation for irregular supplies to Germany. OMV said it would pursue the lawsuit by withholding payments to Gazprom under a long-term gas supply contract. In response to the failure to pay for current supplies (to pay off debt), the Russian company stopped supplying gas to OMV. The Austrians terminated a long-term agreement with Gazprom Export due to failure to meet contractual terms.