• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 3 hours WTI @ $75.75, headed for $64 - 67
  • 35 mins The Dirt on Clean Electric Cars
  • 14 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 7 hours Uber IPO Proposals Value Company at $120 Billion
  • 6 mins Trump vs. MbS
  • 6 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 14 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 11 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 8 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours Coal remains a major source of power in Europe.
  • 46 mins EU to Splash Billions on Battery Factories
  • 10 hours Nopec Sherman act legislation
  • 3 hours Poland signs 20-year deal on U.S. LNG supplies
High Prices Benefit Iran Despite Lost Oil Exports

High Prices Benefit Iran Despite Lost Oil Exports

Iranian Vice President Eshaq Jahagiri…

Hedge Funds Continue To Reduce Bullish Bets On Oil

Hedge Funds Continue To Reduce Bullish Bets On Oil

Money managers and hedge funds…

Gazprom Avoids Fine In EU Antitrust Settlement

Gazprom

Gazprom has dodged a fine in the settlement of the seven-year-long antitrust dispute with the European Union (EU), after the Russian gas giant agreed to change market behavior and ensure competitive gas prices in Central and Eastern Europe.

The European Commission (EC) imposed on Thursday legally binding obligations on Gazprom to address competition concerns and enable free flow of gas at competitive prices.

Gazprom is the dominant gas supplier in many Central and Eastern European countries, and the Commission’s binding obligations will change the way the Russian company operates in those gas markets.

The binding commitments include Gazprom removing any restrictions on customers to re-sell gas cross-border, and enabling gas flows to and from parts of Central and Eastern Europe that are still isolated from other EU Member States due to the lack of interconnectors—the Baltic States and Bulgaria. The Russian company will also have to commit to a structured process to ensure competitive gas prices—its customers will have a contractual right to ask for a lower gas price, if the price they pay diverges from competitive Western benchmarks, including prices at liquid hubs. In addition, “Gazprom cannot act on any advantages concerning gas infrastructure, which it may have obtained from customers by having leveraged its market position in gas supply,” the EC said.

Related: Dubai To Become Global Leader In Solar Energy

“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 rulebook for Gazprom’s future conduct. It obliges Gazprom to take positive steps to further integrate gas markets in the region and to help realise a true internal market for energy in Europe,” Commissioner in charge of competition policy, Margrethe Vestager, said.

Gazprom is satisfied with the EU decision and believes that it is “the most reasonable outcome for the well functioning of the entire European gas market,” Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News