Gazprom Marketing & Trading reportedly avoided insolvency this month

The company has allegedly averted insolvency after meeting a key monthly deadline

Big Zero Report 2022

Gazprom Marketing & Trading reportedly faced a risk of insolvency earlier this month.

According to Reuters, the company avoided this “by meeting a key monthly payment deadline”.

It has been reported that Gazprom Energy is currently in search of a buyer to avoid collapse after several companies consider withdrawing from a range of contracts because of the war in Ukraine.

A source who requested anonymity told Reuters: “This month, they have simply paid all the things and have been paid, the subsequent deadline is April 20th and the dangers will likely be a lot larger.”

Energy consultancy Inspired PLC predicted it could have a potential impact of up to £3 million on its expected EBITDA if Gazprom Energy ceases trading.

The government has reportedly prepared plans to takeover the British arm of the Russian gas giant.

A government spokesperson told ELN: “We are aware that Gazprom Energy has a large presence in the non-domestic energy retail market. Gazprom’s retail business continues to trade in the UK and customers should exercise their own commercial judgement with regards to energy supply contracts they have in place at the moment.”

It is estimated that Gazprom Energy provides nearly 20% of gas used by British firms.

Earlier this week, during a hearing of the Business, Energy and Industrial Strategy Committee on energy price and the future of the energy market industry executives said some of the most energy-intensive businesses are currently highly exposed to Gazprom.

ELN has approached Gazprom Energy for a response – the company did not respond before publication.

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