Energy minister: Saudi Arabia is keen on enhancing energy cooperation with Greece    Minimum 30-day validity of Iqama is required to issue final exit visa    GASTAT: Industrial Production Index rises by 3.4% in November 2024    Al-Qaryan Group begins 125,000 m2 decommissioning project for Ibn Rushd in Yanbu    Mexico's Sheinbaum mocks Trump over his 'Gulf of America' idea    Oscar nominations postponed because of LA fires    Stories of heroism emerge as Los Angeles infernos rage    Ukraine says it attacked fuel depot serving Russian strategic bombers' air base    Elon Musk's interference in national debates angers Europe's leaders    Saudi FM and KSrelief chief meet UNRWA chief in Riyadh    Islamic Arts Biennale 2025 to witness first-ever display of full kiswah of Kaaba outside Makkah city    Saudi Arabia tops in venture capital investment, with SR2.8 billion, in MENA in 2024    Iqama of dependents of expatriates and house workers can extend from outside Saudi Arabia    Oman aims for metro project by 2032, minister says    Al-Qadsiah secures spot in King's Cup semi-finals with dominant win over Al-Taawoun    Rajković shines as Al-Ittihad edge Al-Hilal in dramatic King's Cup quarter-final    Saudi Arabia announces dates and venues for AFC Asian Cup 2027    Barcelona and Athletic Bilbao arrive in Jeddah ahead of Spanish Super Cup semi-final    Alabama nursing student wins Miss America 2025    Demi Moore continues comeback with Golden Globe win    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gazprom eyes British energy sector
Published in The Saudi Gazette on 29 - 03 - 2010

Russian gas export monopoly Gazprom is preparing to invest 1 billion pounds ($1.48 billion) to become one of Britain's biggest fuel suppliers, The Sunday Times reported.
State-run Gazprom is expected to lodge an offer this week for a network of 800 petrol stations and the Lindsey oil refinery at Killingholme, Lincolnshire, the paper said on its site www.business.timesonline.co.uk
“The assets have been put up for sale by Total, the French oil group. It has hired JP Morgan, the investment bank, to sell its UK business, which employs 5,000 people. The business is expected to fetch more than 1 billion pounds.”
Gazprom could not immediately be reached for comment.
The prospect of the Kremlin-controlled energy giant owning key parts of the UK oil infrastructure could worry the government, the paper wrote.
“When Gazprom was rumoured to be looking at a bid for Centrica, owner of British Gas, in 2006, ministers met to examine the ‘possible consequences resulting from any takeover of a major UK energy supplier',” it said.
Gazprom is expected to bid for the Total assets through its oil arm, Gazprom Neft.
Included in the Total sale is the 247-kilometre (154-mile) underground pipeline from Lindsey to the Buncefield fuel depot, which serves southeast England and Heathrow airport, the paper said. Much of the site was destroyed in an explosion in 2005 but there are plans to rebuild it.
Other suitors include Essar and Valero, the American refining giant, and at least one private equity bidder.


Clic here to read the story from its source.