(Feb 6): Gazprom PJSC has sold its Austrian and Italian gas trading units to a Dubai-based investment firm set up less than a year ago.

EGH Gulf bought Vienna-based Centrex Europe Energy & Gas AG, including its Italian unit, in January, according to a filing to Austria’s corporate registry. Centrex Italia also announced the ownership change in a statement on its website last month, saying the new shareholder is “backed by a team of seasoned professionals with decades of experience”.

The deal follows the halt to Russian gas deliveries via Ukraine and an arbitration ruling that forced Gazprom to pay Austria’s state-owned energy company OMV €233 million (RM1.07 billion) in damages for irregular German flows. OMV said it would enforce the claim by withholding payments to Gazprom under a long-term gas supply contract. 

The Russian company subsequently halted gas deliveries to OMV, which then terminated Austria’s long-term supply deal with Gazprom. That decision allows Austria to reduce its reliance on Russian gas that had continued since the start of Vladimir Putin’s war against Ukraine.

Gazprom, Centrex and EGH Gulf didn’t immediately respond to emails seeking comment. 

In January, OMV booked €48 million in damages claims against Gazprom related to separate arbitration at the Stockholm Chamber of Commerce on an Austrian supply contract, OMV said in a quarterly report Tuesday. Companies often seek to enforce claims by seizing assets.

Centrex is a member of Austria’s CEGH gas exchange. It booked revenue of €817 million in 2023, mostly via proprietary sales, according to the latest available annual report published on the Austrian registry. Profit that year was €16 million. 

The Austrian company paid a total of €135 million of dividends to Gazprom Export in 2022 and 2023, significantly reducing retained earnings. Centrex hadn’t paid dividends in at least the five prior years.

EGH Gulf is based in Dubai Silicon Oasis, an economic area that offers favourable tax and operating conditions. The company was established in March 2024 with a focus on energy trading and production, according to the United Arab Emirates business registry.

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