Roger Cornish, the Managing Director of Interconnector UK Ltd, a company which controls the pipeline supplying the United Kingdom with 25% of its natural gas, writes a letter to the FT to remind readers that Gazprom has already been a holder of British energy assets for more than a decade. Derek Brower noted this on the blog back in April.
From the Letters section at the Financial Times:
Gazprom has share in a UK companyPublished: November 12 2007 02:00 | Last updated: November 12 2007 02:00
From Mr Roger Cornish.
Sir, In your article on Gasunie's entry into the Gazprom-led Nord Stream gas pipeline project (“Dutch stake in Baltic gas project fails to dispel doubts”, November 7 ) you state: “The Russian group has the option to acquire from Gasunie 9 per cent of the Balgzand-Bacton pipeline, connecting the Netherlands to the UK. This would give it a stake in a British supply pipeline for the first time.”
In fact, Gazprom was, in 1994, a founding shareholder and significant customer of Interconnector UK Limited, the company that has financed, built and now operates the only two-way gas pipeline connection from the UK to the European gas grid. This pipeline has eased the country's transition from gas self-sufficiency and can import gas up to 25.5bn cubic metres a year or approximately 25 per cent of annual UK gas consumption. Gazprom remains a shareholder of the company as well as being an important customer.
Roger Cornish,
Managing Director,
Interconnector UK Ltd,
London WC1S 2YZ
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