Dubai private investment firm EGH Gulf acquired Vienna-based CentrexEurope Energy & Gas from Russian state-owned oil giant Gazprom for an undisclosed sum last month, Bloomberg reports, citing a filing to the Austrian corporate registry. The transaction includes the gas trading company’s Italian unit — Centrex Italia. There’s no publicly available information about the advisors who worked on the transaction. EGH was established in March last year, and is focused on energy trading and production.

The transaction falls under Gazprom’s plans to restructure its operations in Europe, after its gas deliveries through warring Ukraine were halted, the business news information service reported. That is in addition to an arbitration ruling ordering Gazprom to pay EUR 233 mn in damages to Austria’s OMV, further straining its European operations.

By the numbers: Centrex booked EUR 16 mn in net income in 2023 and revenues of EUR 817 mn. The company paid a total of EUR 135 mn of dividends to Gazprom Export in 2022 and 2023, following a five-year hiatus.

The UAE is ramping up investments in gas assets: Abu Dhabi alternative investment firm Lunate recently announced its planned acquisition of a 6% stake in Adnoc Gas Pipelines from Italian gas network operator Snam late last month, as Snam looked to divest from non-core assets outside European energy corridors.

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