Centrica completes escape

Centrica, the gas distributor spun off from British Gas, has terminated its contract with Chevron UK, marking the end of a long and expensive battle to escape supply deals which obliged it to buy gas at above the going rate. It will pay an undisclosed sum to Chevron.

Centrica also said Kenneth Gardener has completed his role as chief negotiator of the "take or pay" contracts and was returning to Charterhouse Bank. During his two-year assignment, major deals were renegotiated with BP, Mobil, Conoco, Elf and Total, as well as smaller deals with Enterprise Oil, Amerada Hess, Chevron, Arco, Eastern Natural Gas and OMV.