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Gas Announcement - Majestic Securities

Majestic Securities

The current situation in Ukraine has understandably caused concern for many of our clients. Those of you with Gazprom contracts might be worried about continuity of supply, or may be thinking about terminating your contract. With that in mind, we have answered some of your questions about this issue:

Yes. Gazprom Energy has been supplying gas in the UK since 2006 and we continue to honour our contractual obligations to customers and partners with the same level of commitment as always.

Yes. Nothing has changed in relation to Gazprom Energy’s ability to supply its customers, therefore the terms of your agreement with us remain exactly the same.

Gazprom Energy does not depend on gas supplies from Russia any more or any less than other gas suppliers in Great Britain. Gazprom Energy sources its gas from the same wholesale market as most other suppliers.

No, because Gazprom Energy does not bank with any Russian banks.

All trading activity for Gazprom Energy customers is undertaken by Gazprom Marketing & Trading Ltd - a UK company, based in London.

Nothing has changed in relation to Gazprom Energy’s ability to supply its customers and we continue to honour our contractual obligations to our customers with the same level of commitment as always.

We continue to honour our contractual obligations to our customers. This includes transacting with you in accordance with the terms of your flexible purchasing agreement.

a. FLEX customer:

No. The agreement you signed on [date signed contract] is legally binding and your contract end date is [contract end date]. In accordance with our general terms and conditions (sent to you when you signed your agreement), you can only terminate the agreement in accordance with the product schedule, or on the end date, as applicable.

 

b. FLEX where supply not started:

 

No. The agreement you signed on [date signed contract] is legally binding from the date that you receive an email from us confirming our acceptance of the agreement, otherwise known as the commencement date. Whilst your supply may start some time after the commencement date, the commencement date signifies the start of our contractual relationship. Therefore, following the commencement date, in accordance with our general terms and conditions (sent to you when you signed your agreement), you cannot terminate your contract before your contract end date which is [contract end date] unless in accordance with the product schedule, or on the end date, as applicable.

We do not offer early termination fees because you cannot terminate your contract, unless in accordance with the general terms and conditions.

**Last Updated : 04/04/2022

On Monday 4 April 2022 the German Ministry of Economy announced that, in response to the transfer of control of Gazprom Germania GmbH (GPG) announced by Gazprom Group on 1 April, the shares in GPG are now under the trusteeship of the German Federal Network Agency (BNetza) until 30 September 2022.
 
This means that all voting rights in the shares of GPG are removed from the shareholder and transferred to the German state, making the German state the de facto owner of GPG and all its subsidiaries, including our immediate parent company Gazprom Marketing & Trading (GM&T) and therefore Gazprom Marketing & Trading Retail Ltd (Gazprom Energy) which operates the Gazprom Energy branch in the Netherlands and GM&T France SAS (part of which operates as Gazprom Energy).
 
This completely removes, with immediate effect, any concerns about the viability and future of GM&T and its subsidiaries (including Gazprom Energy) since ultimate control is now held indirectly by the German state and not by PJSC Gazprom. Given GM&T’s operational and financial independence from PJSC Gazprom, there are no adverse financial or other implications from the actions of the German government..

In the meantime, nothing has changed in relation to Gazprom Energy’s ability to supply its customers so we continue to honour all contractual obligations to our customers with the same level of commitment as always.