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Gazprom Buys British Gas Storage Capacity

Russia's natural gas monopoly Gazprom said on Monday that it had signed a deal with British company Vitol SA

Russia?s natural gas monopoly Gazprom said on Monday that it had signed a deal with British company Vitol SA to buy 53 million therms of storage capacity in Britain?s new gas storage facility at Humbly Grove.

Gazprom said the deal gives it the access to approximately half of the facility?s total storage capacity for 5 years.

Gazprom has been actively trying to get direct access to end-consumers in Europe after President Vladimir Putin criticized the company for selling gas to European companies at a third of retail prices.