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(Alliance News) - British Gas-owner Centrica PLC on Tuesday said it intends to exit its gas supply agreements with its Russian counterparts, including energy giant PJSC Gazprom following the invasion of Ukraine.
Centrica said it currently has a medium term contract with Gazprom Marketing & Trading, where they provide gas volumes. the company this supply contract is not affected by current sanctions imposed by the UK but has still entered talks with Gazprom to exit the deal.
Centrica stressed that the deal represented a fraction of its downstream demand, and that it is not physical gas molecules from Russia, and can be sourced anywhere.
"We are shocked by the events unfolding in Ukraine and the needless loss of lives. We intend to exit our gas supply agreements with Russian counterparts, principally Gazprom, as a matter of urgency. We are working through the details of how best to do this, additionally we will ensure we are compliant with all relevant sanctions," said Chief Executive Officer Chris O'Shea.
On Sunday, oil major BP PLC on Sunday announced its decision to exit its near 20% stake in Russia's oil producer Rosneft.
In addition, on Monday, Shell PLC said it will exit its joint ventures with Russian energy giant PJSC Gazprom and also its involvement with the Nord Stream 2 pipeline project, following Russia's invasion of Ukraine.
Shares in Centrica were 3.7% lower at 74.72 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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