Gazprom to merge Wingas with existing European units

MOSCOW, Oct 23 (PRIME) -- Russian gas giant Gazprom plans to merge the Wingas group of companies with its European companies and some of the functions will be transferred to other companies, Deputy CEO Alexander Medvedev said in a Friday interview to a corporate magazine.

“The activity of these companies will play an important role in Gazprom’s sales structure due to diversification of the sales portfolio. Wingas, as a large wholesale supplier, sells gas to public utility companies, industrial and electric power companies, and large regional suppliers and is also implementing a strategy of reaching end consumers,” he said.

The experience of German sellers at wholesale and retail markets will prompt higher demand for Russian gas in Europe and will increase margins by creating added value, he said.

Gazprom received Wingas, Wieh, Wiee gas storage capacities in Europe and a 50% stake in Winz, a company developing oil and gas in the North Sea, under an asset swap deal with Wintershall with the latter company receiving a 25.01% stake in a project developing deposits in West Siberia. The deal was completed on October 1.

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