Gas Announcement - Majestic Securities

On Monday 1st August 2022 Gazprom Marketing & Trading Limited changed their name to SEFE Marketing & Trading Limited.

The name change will not affect in any way their legal personality, their rights and obligations and no amendments to existing contracts will be required.

The current situation in Ukraine has understandably caused concern for many of our clients. Those of you with SEFE Energy (formally Gazprom Energy) 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:

Can SEFE Energy (formally Gazprom Energy) continue to supply my gas (and electricity) in light of the current situation?

Yes. SEFE Energy (formally 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.

Will my energy still be supplied under the negotiated rate?

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

Does SEFE Energy (formally Gazprom Energy) have a back-up plan to get gas from other sources if the supply from Russia is blocked in the future?

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

Is SEFE Energy’s ability to supply its customers affected by Russian banks being excluded from Swift?

No, because SEFE Energy (formally Gazprom Energy) does not bank with any Russian banks.

How is SEFE Energy’s energy trading undertaken?

All trading activity for SEFE Energy(formally Gazprom Energy) customers is undertaken by SEFE Marketing & Trading Ltd – a UK company, based in London.

What assurances can you give that SEFE Energy (formally Gazprom Energy) will deliver my contracted position?

Nothing has changed in relation to SEFE 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.

Will you be able to honour my flexible contract and let me transact in and out of my position as and when required?

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.

Can I cancel my current contract with SEFE Energy (formally Gazprom Energy) and move to another supplier?

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.

What would it cost to terminate my contract early with SEFE Energy (formally Gazprom Energy)?

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