• 5 minutes Trump will capitulate on the trade war
  • 7 minutes China 2019 - Orwell was 35 years out
  • 12 minutes Glory to Hong Kong
  • 15 minutes ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 9 mins Is Eating Meat Worse Than Burning Oil?
  • 1 min Diplomatic immunity
  • 5 hours Canada Election Deadlock?
  • 6 hours China & Coal: China's 2019 coal imports set to rise more than 10%: analysts
  • 17 hours Clampdown on Chinese capital flight is shutting down their commercial construction in US
  • 1 day Here's your favourite girl, Tom!
  • 1 day Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 5 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 5 hours Devaluing the Yuan
  • 1 day IMO 2020:
  • 16 hours Nigeria Demands $62B from Oil Majors
  • 1 day Deepwater GOM Project Claims Industry First
  • 15 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
Iran Prepares For War With Israel (Part 2)

Iran Prepares For War With Israel (Part 2)

Iran has been emboldened by…

ISIS Was Built On Oil

ISIS Was Built On Oil

The Islamic State has been…

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:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play