Gazprom Takes Small Steps To Build Up Its Western European Presence

CFW view: Gazprom's move to acquire Envacom is a relatively small transaction, for the Russian gas giant. We believe it is a symbolic step: for the first time they will venture in the renewable energy, as well as gaining direct access to the German, vis-a-vis European, retail market. This confirms CFW's view that Gazprom will continue to target acquisition opportunities in the European Union's power market in an effort to cement its position while competition intensifies.

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