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Gazprom in German Market

Gazprom bought German electricity supplier Envacom Service as it seeks a foothold in the country's power industry before a possible generator deal with RWE.

Gazprom Marketing & Trading, the company's London-based division, is adding to its power business in Britain, Ireland, France and the Netherlands, the unit said Monday in a statement, without disclosing terms of the deal.

Envacom has 500,000 customers in Germany, said Daniel Florian, a spokesman for Gazprom Marketing & Trading. Envacom will be rebranded as Gazprom Energy, and its telecommunications business will remain under the control of Envacom's previous owner, Tillman Raith, Gazprom said.

(Bloomberg)

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