Russian gas goliath Gazprom has set a target of achieving 5% to 10% market share for its UK business over the next three years, as it bids to expand its western European retail energy presence, Platts has reported.
According to the report, Gazprom Marketing & Trading (GM&T) wants to increase its market share by up to 10 times in just 36 months. Currently, the UK subsidiary of the Russian giant holds just 1% of the UK small commercial consumer market.
We want to trade right through the value chain, and if that means increasing our share of small commercial customers, then that’s what we’ll do, GM&T spokesman Philip Dewhurst said, Platts reports.
GM&T has only been operating in the UK since June 2006, when it acquired Pennine Natural Gas. The acquisition marked a key development in Gazprom’s fresh expansion strategy aimed at securing a significant primary presence in western Europe’s energy markets.