POLITICS & INSTITUTIONS - ECONOMY

Gazprom to make Luxembourg hub



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 Gazprom

Corporate news: The Russian energy giant will make the Grand Duchy its EU hub, according to the German business weekly WirtschaftsWoche.

Currently the Moscow-based firm employs 520 at its European headquarters in Berlin and is one of the city’s largest taxpayers, the magazine said. The natural gas concern also has trading offices in Zurich, London, Istanbul and Prague.

On June 29, the company--which is traded via American Depository Receipts (OGZPY)--announced 2010 sales increased by 26 percent compared to the year before, to US$118.4 billion (photo).

WirtschaftsWoche did not name its “industry-related” sources and said Gazprom did not comment for its article.