Energise Issue 8 - GM&T

Energise Issue 8 - GM&T

THE NEWSLETTER OF GAZPROM MARKETING & TRADING... ISSUE 8 – AUGUST 2014 Energise N E W S 2 issue 8 – AUGUST 2014 Energise Welcome to issue 8 of ...

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THE NEWSLETTER OF GAZPROM MARKETING & TRADING... ISSUE 8 – AUGUST 2014

Energise

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2 issue 8 – AUGUST 2014

Energise Welcome to issue 8 of your quarterly news round-up from Gazprom Marketing & Trading

IN THIS ISSUE

INTRODUCING ALEXANDER KIM – We meet GM&T’s new Executive Director of Finance. UNDER THE MICROSCOPE – An analysis of European energy policy. SAKHALIN: 20 YEARS OF SUCCESS – Celebrating one of the world’s largest oil and gas projects. N

COOKING ON GAS – Driving energy efficiency at Nando’s.

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Introducing Alexander Kim Alexander Kim is Gazprom Marketing & Trading’s new Executive Director of Finance. Spark caught up with him to ask about his background – and his thoughts on True North. >>>

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Alexander Kim Executive Director of Finance, GM&T

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Introducing Alexander Kim continued

Tell us about your early life and education I was born in Sakhalin – a place name that will be familiar to my GM&T colleagues – and my family subsequently moved to St Petersburg. I graduated from the University of Marine and Technical Engineering in St Petersburg – majoring in Physics and Electrics. I gained a PhD in Economics at the University of Economy and Finance in St. Petersburg in 2001. I then attended Gubkin Russian State University of Oil and Gas in Moscow and qualified as a manager in offshore oil and gas production. Where did you work before GM&T? In 2003 I moved to Moscow and was offered a job in SIBUR – a large petrochemical company as deputy director of its debt management department. At the time, they were struggling through bankruptcy. I subsequently became director of this department and then head of risk. I reported to the president of the company, Mr Dyukov, who is now president of Gazpromneft. I worked for SIBUR for three years and in 2006 I moved to Gazprom subsidiary Burgas – a drilling company with locations across the Russian regions – as CFO. I was there for five years before it was sold. I then worked for the government-owned Rosgeo. When did you join GM&T and what specifically appealed to you? In December 2013 I had an offer from GM&T, and then in January I met Andrey and Vitaly. I was very impressed with their vision for the company, so I accepted the offer and started work on 7 April. I’m responsible for Treasury and Corporate Finance, IT, Finance and Tax. That totals about 200 people, so I haven’t met everyone yet, but I’m getting there gradually. What does True North mean for your teams? It’s not just about hitting numbers, whether that’s profit, EBITDA or gross margin – it’s about creating value. Each department has a part to play and each True North will be slightly different. For us in the support functions, that role is mainly focused on delivering excellence, innovation and efficiency.

What are your own aspirations for GM&T and its people? Some people only ever look for short-term benefits, but that approach doesn’t necessarily make your life happier; there’s no fulfilment in that. In pursuit of GM&T’s longer-term goals, it’s important that we nurture a comfortable atmosphere, common culture and genuine team spirit – after all, we spend a lot of time at work.

W “True North gives us a tangible goal to unite around. If we’re able to develop this kind of spirit in GM&T and everyone agrees that we have the same goal, we will become very effective – there won’t be any barriers to success.”

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Alexander Kim on… Family – My daughters are 22 and 5: the eldest is studying fashion here in London. Recreation – I like table tennis and volleyball – and I’m thinking of taking up golf. London – It’s one of the greatest cities in the world – both in terms of business and culture.

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Much ado about nothing: Christos Vasilakos Konstantinidis discusses European energy policy Undoubtedly Europe has pioneered energy policy in terms of decarbonisation and efficient energy market operation through the establishment of the EU ETS carbon market and its vision for the Internal Energy Market (IEM). In this picture the EU ETS market was intended to create an efficient and market based price of carbon, which would drive decarbonisation in an affordable and sustainable manner. At the same time many efforts have been made, through the third Energy Package and the development of common European network codes for gas and power markets to facilitate efficient cross border trades and the establishment of the IEM, that drives competition, reduces energy prices and increases security of supply. In extension, the 20/20/20 framework was meant to create further impetus towards decarbonisation by establishing EU wide and member state Greenhouse Gas emissions (GHG) (reduction by 20% compared to 1990 levels), Renewable Energy Sources (RES) (20% of final energy consumption) and energy efficiency targets (20% reduction in energy consumption) by 2020. Although Europe is on track to meet its 20/20/20 objectives and there are multiple reasons for this, there are strong signs that European energy policy is at risk of failing. On the one hand, the necessary tools for achieving its energy objectives are already there or will be finalised in a few years, namely the EU ETS market and the establishment of the IEM. On the other hand, prescriptive decarbonisation policies in the form of national RES and other targets are perversely undermining these objectives. In particular, due to the unhindered growth of RES, a number of countries are facing an imminent electricity supply crunch prompting them to introduce capacity payment mechanisms. >>>

Christos Vasilakos Konstantinidis, Senior Advisor, Regulatory Affairs, GM&T (centre) with Francisco Goncalves and Gaia Morleo, Regulatory Affairs Advisors

6 issue 8 – AUGUST 2014

Much ado about nothing: Christos Vasilakos Konstantinidis discusses European energy policy continued

Simultaneously, the EU ETS market has collapsed rendering it irrelevant for decarbonisation. This in turn has led to a revival of coal across Europe and an increase in GHG emissions in Germany and UK while spending billions in RES subsidies, which also means that domestic and business energy costs are rising fast while wholesale prices are falling. Last but not least, uncoordinated support mechanisms for RES and generation capacity on a national level are creating distortions between member state energy markets, which undermine the vision of the IEM. Going forward, there are three main policy initiatives aiming to address these concerns summarised in the table below:

Policy

Summary

Intended Effect

2030 Targets

• A reduction in GHG of 40% below 1990 levels •A  European wide, as opposed to national, RES target of 27% •C  ommitment to establish robust energy efficiency targets

Re-establish EU ETS as the main tool for GHG emissions reductions to 2030

EU ETS Structural Changes

• E missions backloading: remove emissions certificates in 2014, 2015 and 2016 and re-inject them in 2019 • E stablishment of the Market Stability Reserve mechanism post 2020 to manage the oversupply of emissions allowances

Reduce emissions allowances oversupply so as to create robust carbon prices

Update Environmental and Energy State Aid Guidelines

•R  ES to be integrated in the market and subsidies allocated through auctions by 2017 •H  igh level design criteria for capacity mechanism

Prevent market distortions through un-coordinated national energy policies

One might argue that the policy initiatives would rectify the aforementioned issues. However, our initial analysis suggests otherwise. The 2030 targets still include prescriptive RES targets (although it is unclear how this will be achieved on a pan-European level) and most probably there will be binding energy efficiency targets, which will inevitably prevent the efficient operation of the EU ETS market. Similarly, whereas the EU ETS structural changes are expected to prop up carbon prices, it is highly questionable whether these will reach the levels required to incentivise coal to gas fired generation switching, which is the cheapest way to abate carbon emissions and being able to cope with intermittent RES electricity generation. Lastly, whereas the new EU State Aid guidelines are a step towards the right direction to co-ordinate national energy policies they provide significant flexibility to member states to follow their own paths. In summary, significant refinement of these new policy initiatives will be required to change the course of the current EU energy policy. Failing to do so will have dire consequences.

“Although Europe is on track to meet its 20/20/20 objectives... there are strong signs that European energy policy is at risk of failing. Christos Vasilakos Konstantinidis – Senior Advisor, Regulatory Affairs, GM&T

7 issue 8 – AUGUST 2014

Celebrating 20 years of success On 18 April in Moscow, Sakhalin Energy Investment Company Ltd (Sakhalin Energy), the operator of Russia’s only LNG plant, celebrated its 20th anniversary. It was established in 1994 to operate one of the world’s largest oil and gas projects – Sakhalin2.

Sakhalin Energy has helped Russia become one of the key LNG players in the key Asia Pacific market. About 4.5% of global LNG supply comes from Sakhalin Energy’s plant. The company exports LNG to Japan, South Korea, China, India, Thailand and Taiwan, with Japan and South Korea taking the bulk of the volume. Annually, almost 10% of total Japanese LNG imports come from Sakhalin. Sakhalin-2 oil is mainly exported to China, Japan and South Korea. In 20 years of operation, Sakhalin Energy has produced and exported over 233 million barrels of oil and over 51 million tons of LNG. In the same period, the company has supplied Russia with 3.3 billion cubic metres of natural gas. President Vladimir Putin and Prime Minister Dmitry Medvedev sent congratulatory letters to Sakhalin Energy on its achievement. Alexander Medvedev, Deputy Chairman of the Board of Executive Directors of Gazprom and Ben van Beurden, Chief Executive Officer of Shell – two shareholders of Sakhalin Energy – spoke at the anniversary ceremony, recognising Sakhalin Energy’s achievements and shared plans for further development. Roman Dashkov, Chief Executive Officer of Sakhalin Energy, said: “We are proud to be the first to achieve outstanding milestones in Russian and international history of oil and gas export. We were the first to start operations under the Production Sharing Agreement. We were the first to obtain the largest project financing in Russia of USD6.7 billion. In 1999, we were the first to start oil exports from Molikpaq – our offshore asset; in 2006 we installed Lunskoye-A – a gas export platform. In 2009, we started shipping out liquefied natural gas to Asia Pacific.” Gazprom Marketing & Trading (GM&T) has a long-term sale and purchase agreement (SPA) with Sakhalin Energy to receive 1MTPA of LNG over 20 years from 2008.

L-R: Andrey Okhotkin (Commercial Director, Sakhalin Energy Investment Company Ltd); Frédéric Barnaud (Executive Director for LNG & Shipping, GM&T); Roman Dashkov (CEO, Sakhalin Energy Investment Company Ltd); Elena Burmistrova (Director General of Gazprom Export LLC); Alexander Medvedev (Deputy Chairman of the Gazprom Management Committee); Alexander Tislenko (advisor to Sakhalin Energy Investment Company Ltd CEO).

GM&T was represented by Frédéric Barnaud, Executive Director for LNG & Shipping, and Vladimir Kim, Commercial Manager, LNG Marketing, Asia. Mr Barnaud said: “We are very pleased with the performance and reliability of our first Russian plant. We congratulate Sakhalin Energy on their success and partnership spirit.”

8 issue 8 – AUGUST 2014

Gazprom’s GDRs granted introductory listing on Singapore Exchange On 17 June, OAO Gazprom’s unrestricted American Depositary Shares (Global Depositary Receipts) were granted an introductory listing and quotation on the Singapore Exchange. The Asia-Pacific region has become the focus of Gazprom’s growth and diversification strategy in recent years. This step helps to bring Gazprom closer to its ultimate goal of 24-hour trading on a global scale – an essential factor for the liquidity of the securities of one of the world’s largest energy companies.

At the official ceremony to mark Gazprom’s inclusion in the Singapore Exchange’s listings.

“The listing of Gazprom’s GDRs on the Singapore Exchange is a major milestone in our efforts to broaden our investor base globally, and we are pleased to be able to offer investors in the Asia-Pacific region access to our remarkable long-term growth. Gazprom is committed to creating long-term value for all of its shareholders, and we firmly believe that the Singapore listing will positively support liquidity in the underlying shares. Our listing here reflects the importance of Singapore, and the wider AsiaPacific region, for Gazprom’s business and future strategy.” Andrey Kruglov spoke at the ceremony.

Andrey Kruglov Deputy Chairman of the Management Committee, Head of the Department for Finance and Economics, OAO Gazprom

9 issue 8 – AUGUST 2014

GM&T placement for Undergraduate of the Year award winner In April, Queen’s University student Mark Devine beat off stiff competition from around the UK to scoop a major award. Third-year Finance student Mark won the award for the Mathematics, Economics and Finance category at the annual TARGETjobs Undergraduate of the Year awards. His prize is a 12-week internship at Gazprom Marketing & Trading (GM&T), comprising 11 weeks at GM&T’s head office in London and a week at GM&T’s Singapore office. Mark will be working as part of the Product Control team.

Mark expressed surprise at his win: “The finalists included two students from Cambridge University, one from Oxford University and one from the London School of Economics. The standard was very high, so I was completely stunned to have won this. “I’m very excited at the prospect of the internship. GM&T is an exciting company, as it’s still quite young, but rapidly developing. I’m hoping the internship may lead to further opportunities.”

An award-winning student at the Queen’s School of Management, he has already worked for a year with financial-services giant Morgan Stanley and has secured a scholarship to sit the US-based Chartered Financial Analyst exam this summer. A keen musician who plays guitar, violin and piano, Mark displayed an entrepreneurial streak from an early age, setting up a string quartet business whilst still a pupil at St Malachy’s College in Belfast. He has more recently been a member of the Queen’s Symphony Orchestra. To win his latest award, the 23-year-old was subjected to a series of gruelling assessments, including individual and group challenges as well as an interview with senior management at GM&T. He stood out from 20 finalists in his category – and resourcing Partner at GM&T, Ben Carney, said it wasn’t just Mark’s strong academic record that put him ahead of the pack. “Mark displayed all the key attributes we look for in an intern. Not only is his academic prowess impressive, but he demonstrated a real interest and a feel for the area we work in here at GM&T. He displayed an instinctive understanding of the corporate world. Although all the candidates were of a very high standard, Mark did stand out for possessing such a well-developed and balanced skill set.” Mark’s award was one of 12 TARGETjobs awards, organised by graduate recruitment agents, Group GTI. Each award was sponsored by a major graduate recruiter, including Mars, Marks & Spencer, Nestle and Rolls-Royce. Mark Devine with GM&T’s Acting Director of HR Alistair Milnes (L) and Sir Trevor Macdonald, who hosted the awards ceremony.

10 issue 8 – AUGUST 2014

GM&T Singapore and Yamal Trade sign LNG agreement On 23 May, Heads of Agreement to supply up to 3 million tonnes of liquefied natural gas (LNG) per year from Yamal Trade to Gazprom Marketing & Trading Singapore (GM&TS) were signed by Alexey Miller, Chairman of the Gazprom Management Committee and Leonid Mikhelson, Chairman of the NOVATEK Management Committee at the St. Petersburg International Economic Forum 2014.

“This Heads of Agreement will significantly reinforce the long-term LNG portfolio of Gazprom. It is an additional way to expand the global trade and use our own fleet of LNG carriers.” Alexei Miller Chairman of the Gazprom Management Committee

The Yamal LNG project

Alexey Miller (R) and Leonid Mikhelson at the signing ceremony

The project involves construction of an LNG plant with an annual capacity of 16.5 million tonnes, with natural gas delivered from the Yuzhno-Tambeyskoye field. The field’s proven and probable gas reserves amount to 927 billion cubic metres and LNG production will start in the end of 2017. The project operator is Yamal LNG, with NOVATEK holding 60 per cent, Total: 20 per cent, and CNPC: 20 per cent in the company. Yamal Trade is a 100 per cent subsidiary of Yamal LNG.

11 issue 8 – AUGUST 2014

Nando’s energy efficiency drive is cooking on gas thanks to Gazprom Energy’s customer focus Budget certainty, billing accuracy and competitive pricing are helping to keep a leading restaurant chain’s energy spend under control. Overview Established in 1987 with a single takeaway restaurant near Johannesburg in South Africa, Nando’s launched in the UK in 1992 and has grown to become one of the nation’s most popular restaurant chains. It has 310 fully-owned restaurants nationwide – and is growing at a rate of around 30 per year – serving up half a million chickens a week. Along with ingredients and wages, energy is one of the company’s biggest overheads. Minimising consumption and spend wherever possible is thus a top priority. Julie Allen joined Nando’s in 2010 as its first dedicated energy manager, and is the person tasked with delivering this goal. She says: “Nando’s is about one thing – giving our customers a fantastic experience when they come in to eat chicken and chips, so it’s my job to help our restaurants do this as efficiently as possible without affecting any of the things that make our business great.” The challenge Nando’s energy consumption levels are relatively predictable – it knows approximately how many covers it will serve in how many hours of opening across how many restaurants – for months if not years down the line. Thus, the ability to secure fixed energy prices in advance is hugely beneficial, as it delivers budget certainty.

Nando’s Park Royal restaurant

Julie says: “We face enough unpredictability in our business with fluctuations in the commodity markets we’re exposed to like grain and potatoes, so certainty over our energy spend is enormously helpful. The big challenge is that when you buy energy, you get what you pay for in terms of the quality of service you receive, and it’s important not to underestimate the cost associated with poor customer service.” “I know from experience that every time you need to query an invoice or spend more time than necessary resolving an issue, it ties up internal resources and costs money. With 250 invoices coming in every month just for gas, this can become a significant overhead. There’s therefore a balance to be struck between ensuring a good price over the fixed term of the contract and having confidence that our lives won’t be made difficult by poor management on the supplier’s side. “We selected Gazprom Energy following a competitive tender process. While they weren’t the cheapest supplier, we chose them based on the levels of service they offer, which we knew were excellent and the cost difference would be more than justified in the reduction in internal resource needed with alternative suppliers.” >>>

12 issue 8 – AUGUST 2014

Nando’s energy efficiency drive is cooking on gas thanks to Gazprom Energy’s customer focus continued

Nando’s Liverpool One restaurant

Good customer service also includes having access to the information and technology to allow consumption to be managed effectively. Julie says: “An energy supplier’s role needs to be so much more than just selling gas and electricity – providing the service we need along with making consumption information available is also critical. One of the big changes we made to control energy usage levels across the business was to give each restaurant manager – or Patrão as we call them – financial responsibility for their consumption. The problem was that we had asked our Patrãos to take responsibility for their energy budgets without providing them with the tools to diagnose where they were using gas and electricity unnecessarily.” Nando’s worked with Gazprom Energy to install smart meter devices (data loggers) that provide energy consumption for gas at half-hourly intervals. Managers were able to view the consumption data graphs for their restaurant via the company’s intranet. “Having this data has made the relationship between the working habits of staff and daily energy consumption crystal clear, allowing each Patrão to focus on the issues that are a priority for their particular restaurant,” says Julie. “At a company-wide level, the loggers provide the evidence we need to ensure that bills are always accurate. In my experience, inaccurate, estimate-based billing is one of the main reasons that businesses pay too much for their energy. Gazprom Energy has worked closely with us to ensure excellent levels of billing accuracy, based on the information provided by the data loggers. “A good energy account manager is like a good facilities manager: when they’re doing their job well you should only need a minimal amount of contact with them. This is the case with Gazprom Energy. We have a single point of contact with Gazprom Energy via a dedicated account manager. He takes the time to ensure things are right first time, taking a lot of pressure off my team.” An example of how the customer service delivered by Gazprom Energy paid dividends came when a new restaurant was opened that shared premises with another restaurant. The landlord offered Nando’s the option of sharing a sub-supply with the

“We have achieved a significant cut in the average energy consumption of our restaurants – something we’re enormously proud of. The combination of competitive pricing and market-leading levels of technical capabilities and customer service that Gazprom Energy offers has been critical to this achievement.” Julie Allen Energy Manager, Nando’s other tenant, but Nando’s declined, preferring to set up its own supply. Gazprom Energy took on this project and worked with National Grid on Nando’s behalf to have a meter installed allowing consumption to be monitored. The cautious approach paid dividends, as the other restaurant went out of business after less than a year and attempted to file a claim for energy costs against Nando’s. This was quickly thrown out because of the robust consumption and billing data Gazprom Energy provided. Results Given that Nando’s estate grew by just over 10% in 2013, it might be expected that energy consumption would grow by a similar amount. However, its energy bills increased by just 1% during this period.

13 issue 8 – AUGUST 2014

Chelsea Football Club has become synonymous with Gazprom recently Gazprom signed a three-year Partnership deal with Chelsea Football Club (CFC) in 2012, to be their exclusive Energy partner. Our partnership with CFC began in 2012 when we launched a joint sponsor and social media offering for fans and supporters. This was a first for Gazprom and set us apart from other sponsorships we have, such as with the UEFA Champions League, Schalke 04, Zenit St Petersburg and Red Star Belgrade, and with it came an impressive number of good results. From 2015, we have signed up to a three-year sponsorship with FIFA, which will see us working towards the next World Cup in Russia in 2018.

By using the Twitter account @GazpromChelsea, the official Gazprom Chelsea Facebook page and an Instagram feed, we have engaged with CFC’s supporters one-to-one and, by doing so, have built both support and awareness for the partnership, to promote ‘The Energy Behind Chelsea’ – a consistent theme of our branding and partnership. We set up and launched the Twitter and Facebook social media accounts in October 2012 and promptly set about engaging with the hundreds of thousands of fans globally, using world-class video content, running Twitter competitions and generating a buzz by promoting some creative giveaways. The growth of both social media channels has continued throughout the seasons, growing from 1,000 twitter followers and 60,000 Facebook likes in the first month, to over 13,000 Twitter followers and 155,000 Facebook ‘likes’ currently. >>>

Eden Hazard of Chelsea FC

14 issue 8 – AUGUST 2014

Chelsea Football Club has become synonymous with Gazprom recently continued

Highlights from the 2013-14 social media campaign include: Going behind-the-scenes at Cobham We took Chelsea fans behind-the-scenes of the club’s state-of-the-art training facility in Cobham, Surrey, filming everything from the groundsmen tending the pitches, to the kitchen staff cooking meals for the first team. The video introduced the fans to the club’s unsung heroes; the team which is the real ‘energy behind Chelsea’. Since we released the short film on YouTube, it’s been viewed more than 46,000 times. #FindStamford In another first for the Gazprom and Chelsea partnership, we launched a treasure hunt for fans, across London, giving them the chance to win tickets to the Champions League semi-final match between CFC and Atletico Madrid. To be in with a chance of winning the tickets to this all-important fixture, fans had to track down club mascot ‘Stamford’ the lion and his girlfriend ‘Bridget’, who were hiding at a secret location in London! We released a series of clues via Twitter using the hashtag #FindStamford and, once found, the fan who found Stamford and Bridget simply had to say the magic words; ‘Gazprom is the energy behind Chelsea FC’! The lucky winner was @rocka_2004 who discovered Stamford and Bridget standing on Westminster Bridge. Taking to the skies at Stamford Bridge Our digital strategy for the 2013/14 season has seen us produce five pieces of video content, amassing over 185,000 views on YouTube. You can see all five of the videos: (Insert YouTube address here) When CFC said we could film at Stamford Bridge, we didn’t just take with us an ordinary video camera – we thought a little more about it than that. In fact, we hired an Octocopter Eight, the ultimate in high performance aerial photography and filming. We used this to provide Chelsea fans with a birds-eye view of the Stadium by flying the drone-cam over and all around the century-old structure. A first for us, and for most of our fans and followers!

What now? We’re currently in the domestic off-season – May-mid-August, traditionally a difficult time to engage with fans. It’s even harder this year with the World Cup on! To combat this, we launched a ‘GROW YOUR OWN PATCH’ campaign at the end of May. Gazprom is giving Chelsea fans the chance to grow their own patch of Stamford Bridge grass by giving away packets of exactly the same grass seed mix used to turf the Stamford Bridge pitch. To receive a packet of these grass seeds, Chelsea fans have to tweet a picture of their gardens or outside space and tell us why they want them. So far we’ve distributed 100 packets with more to follow. You can get your hands on a packet by following @GazpromChelsea and using the hashtag #MyGazpromCFCPatch Our partnership with Chelsea in 2013/14 has been a great success and sets a high benchmark for next season. You can keep up to date with all of our activity by following us on Twitter, @GazpromChelsea, or Liking us on Facebook – Gazprom Chelsea.

15 issue 8 – AUGUST 2014

GM&T offices worldwide

London, United Kingdom Gazprom Marketing & Trading Limited 20 Triton Street London NW1 3BF [email protected] T: +44 (0) 20 7756 0000 F: +44 (0) 20 7756 9740

Paris, France Gazprom Marketing & Trading France SAS 68, avenue des Champs-Elysées Paris 75008 [email protected] T: +33 (0) 1 42 99 73 50 F: +33 (0) 1 42 99 73 99

Manchester, United Kingdom Gazprom Marketing & Trading Retail (trading as Gazprom Energy) Bauhaus 27 Quay Street Manchester M3 3GY [email protected] T: +44 (0) 845 230 0011 F: +44 (0) 845 230 0022

Paris, France Gazprom Marketing & Trading SA (trading as Gazprom Energy) 54-56 Avenue Hoche Paris 75008 [email protected] Tel: +33 (0) 1 42 99 73 92 Fax: +33 (0) 1 42 99 73 98

Walluf, Germany Gazprom Marketing & Trading Retail Germania GmbH (trading as Gazprom Energy) Am Klingenweg 6a 65396, Walluf [email protected] T: +49 (0) 6123 7043 0 F: +49 (0) 6123 7043 299

s-Hertogenbosch, Netherlands Gazprom Energy Victorialaan 15 5213 JG‘s Hertogenbosch T: +31 (0) 73 750 6650

Zug, Switzerland Gazprom Marketing & Trading Switzerland AG Focus Business Centre Dammstrasse 19 Zug CH-6301 [email protected] T: +41 (0) 41 723 2680 F: +41 (0) 41 723 2690 Houston, USA Gazprom Marketing & Trading USA Inc Bank of America Center 700 Louisiana Street, Suite 2500 Houston TX 77002 [email protected] T: +1 (281) 404 4500 F: +1 (713) 238 5181 Singapore Gazprom Marketing & Trading Singapore Pte Ltd Ocean Financial Centre, 10 Collyer Quay #41-00 Singapore 049315 [email protected] T: +65 (0) 6671 9100 F: +65 (0) 6435 6200