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2018-05-25 10:40:00

GAZPROM'S EUROPEAN OBLIGATIONS

GAZPROM'S EUROPEAN OBLIGATIONS

FTRussia's Gazprom has settled its seven-year antitrust case with Brussels, avoiding a fine by promising reforms that European officials hope will make the central and eastern European gas market more competitive.

Margrethe Vestager, EU competition commissioner said: "Today's decision removes obstacles created by Gazprom, which stand in the way of the free flow of gas in central and eastern Europe. But more than that — our decision provides a tailor-made rule book for Gazprom's future conduct."

The European Commission probe concerned the gas group's alleged abuse of its dominance in the gas markets in Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Poland, Hungary and Slovakia, which rely heavily on the company to meet their energy needs.

The case was seen by some CEE countries as a test of the enforcer's resolve to defend eastern markets as stridently as western ones and some will be disappointed that Gazprom will not be fined for its past behaviour — particularly in the light of the big penalties Ms Vestager levied on Google and Qualcomm fines of €2.4bn and €997m, respectively, in other abuse-of-dominance cases where no negotiated settlement was reached.

However rather than levy a fine to punish past behaviour, the commission chose to shape a legally binding solution that would resolve the issues for the next eight years.

"The case doesn't stop with today's decision — rather it is the enforcement of the Gazprom obligations that starts today," said Ms Vestager who can fine the state-owned gas giant up to 10 per cent of the annual turnover if it breaks any of its promises.

By settling, Gazprom has acknowledged EU jurisdiction of its contracts with member states and has committed to:

  • remove contractual barriers to the sale of gas across borders and give control of Bulgarian gas transmission infrastructure to the domestic operator;
  • virtually connect the isolated gas markets of Bulgaria, Estonia, Latvia and Lithuania by allowing Hungary, Poland, Slovakia, Bulgaria and the Baltic States to choose to have their gas delivered to one of these other countries;
  • link prices for Bulgaria, Estonia, Latvia, Lithuania and Poland to the benchmark prices in western European hubs and promised EU-based arbitration within 120 days to resolve price disputes;
  • not seek any damages from its Bulgarian partners for the termination of the South Stream pipeline project.

Gazprom's deputy chairman Alexander Medvedev said the company was "satisfied with the commitments decision" and was "always committed to co-operate in good faith in order to find a constructive, mutually acceptable solution".

Mr Medvedev added "We believe that today's decision is the most reasonable outcome for the well-functioning of the entire European gas market".

The settlement comes as tension between the west and Moscow remains high following the alleged chemical attack on former Russian intelligence agent Sergei Skripal in the UK in March, the spate of diplomatic expulsions that followed and allegations of Russian interference in the 2016 US presidential election.

However, Ms Vestager stressed the case was "not about the flag of the company" but rather achieving an outcome that best serves European consumers and businesses.

Gazprom's exports to Europe have soared over the past few years to a record 193.9bn cubic metres last year, accounting for close to 40 per cent of the continent's gas supply.

The EU hopes to cut Russian gas imports in the long term by increasing the bloc's renewable energy supplies, improving energy efficiency, and connecting other gas supplies through liquefied natural gas terminals and other pipelines such as the Trans Adriatic Pipeline. However, Russian gas is expected to remain an important part of the bloc's energy mix.

Conversely, Gazprom forecasts the bloc will need more gas in the future, to compensate for falling domestic gas production and is therefore proceeding with controversial plans to build Nord Stream 2, its second pipeline under the Baltic Sea to Germany, in order to meet that higher future demand.

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Earlier:

 W.Europe
2018, May, 18, 08:55:00

U.S. - RUSSIA PIPELINE SANCTIONS

REUTERS - Washington was focused on using diplomatic means to halt Nord Stream 2, one of several Russian projects to export gas to western Europe via routes avoiding Ukraine, with which Moscow is involved in a series of disputes.

 W.Europe
2018, May, 18, 08:50:00

NORD STREAM TO GERMANY

REUTERS - A consortium of western companies and Russia’s Gazprom that is due to build the controversial subsea Nord Stream 2 gas pipeline to Germany said on Tuesday it was starting preparatory work in the Greifswald bay off Germany’s Baltic coast.

 W.Europe
2018, May, 18, 08:45:00

GAZPROM - AUSTRIA: +70.4%

GAZPROM - The parties reviewed the issues of cooperation in the energy industry, focusing on, inter alia, substantial growth in Russian gas exports to Austria. According to preliminary data, from January 1 through May 14, 2018, Gazprom delivered to Austria 4.7 billion cubic meters of gas, an increase of 70.4 per cent from the same period of last year.

 W.Europe
2018, May, 16, 12:25:00

СОТРУДНИЧЕСТВО РОССИИ И ГЕРМАНИИ

МИНЭНЕРГО РОССИИ - Стороны обсудили состояние и перспективы взаимодействия в энергетической сфере как по линии поставок энергоресурсов и реализации инфраструктурных объектов, так и сотрудничества на уровне коммерческих предприятий. «Целый ряд германских энергетических концернов активно и успешно ведет свою деятельность с российскими партнерами», - сказал Александр Новак.

 W.Europe
2018, May, 16, 12:10:00

СОТРУДНИЧЕСТВО РОССИИ И НИДЕРЛАНДОВ

МИНЭНЕРГО РОССИИ - Двусторонний диалог в таком формате возобновился спустя пять лет. При этом сотрудничество в области ТЭК играет значимую роль в торгово-экономических отношениях России и Нидерландов. Совместно реализуются значимые для обеих стран энергетические проекты - «Турецкий поток», «Сахалин – 2», «Северный поток 2», «Балтийский СПГ», «Каспийский трубопроводный консорциум», проект разработки Салымских месторождений, проект локализации производства ветроэнергетических установок в России.

 W.Europe
2018, April, 16, 09:35:00

RUSSIAN GAS FOR EUROPE AGAIN

PLATTS - The EU's main challenge is in natural gas, as 76% of the EU's gas imports came from just Norway and Russia in 2016,

 

 W.Europe
2018, April, 13, 17:50:00

RUSSIAN GAS FOR EUROPE ANEW

PLATTS - "It cannot be the case that Nord Steam 2 means that Ukraine no longer has any significance in transiting [Russian] gas," Merkel said after a meeting with Ukrainian president Petro Poroshenko.

 

 

Tags: GAZPROM, EUROPE, GAS

Chronicle:

GAZPROM'S EUROPEAN OBLIGATIONS
2018, June, 20, 12:45:00

NORWAY'S OIL PRODUCTION 1.629 MBD DOWN 236 TBD

NPD - Preliminary production figures for May 2018 show an average daily production of 1 629 000 barrels of oil, NGL and condensate, which is a decrease of 236 000 barrels per day compared to April.

GAZPROM'S EUROPEAN OBLIGATIONS
2018, June, 20, 12:40:00

LIBYA'S OIL PRODUCTION DOWN 400 TBD

PLATTS - Libyan crude production has fallen around 400,000 b/d -- or nearly halved -- due to militia attacks on the eastern oil terminals of Ras Lanuf and Es Sider, the head of the country?s National Oil Corp. said Tuesday.

GAZPROM'S EUROPEAN OBLIGATIONS
2018, June, 20, 12:35:00

VENEZUELA'S OIL PRODUCTION DOWN

PLATTS - Venezuela's crude output averaged 1.36 million b/d in May, down from 1.41 million b/d in April, and 1.9 million b/d in May 2017, according to S&P Global Platts. The International Energy Agency said it could fall to 800,000 b/d or even lower next year.

GAZPROM'S EUROPEAN OBLIGATIONS
2018, June, 20, 12:30:00

NIGERIAN OIL SALES

PLATTS - Nigerian oil has been slow to sell this month as bidders for the country's July-loading heavy and light sweet crudes have been absent from the market. Market participants pegged the amount of unsold Nigerian barrels loading in July at 20 million-34 million barrels, amounting to roughly 40%-75% of what is produced in a month.

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