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Gazprom looks forward to settlement of proceedings with European Commission

February 01, 20:52 UTC+3
Relations with the EU are not developed in a favorable way and this is reflected in interrupted dialog between Russia and the EU in energy area, the Russian gas holding CEO says
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© Valery Morev/ITAR-TASS Archive

NEW YORK, February 1. /TASS/. Gazprom looks forward to settlement of proceedings with the European Commission and put forward a range of proposals for such settlement, Deputy Chief Executive Officer of the Russian gas holding Alexander Medvedev said on Monday during the Investor Day.

"Relations [with the EU] are not developed in a favorable way and this is reflected in interrupted dialog between Russia and the EU in energy area. At the same time, the European Union gave a promise not merely to continue the dialog but to make a proposal on a more practical focus for such dialog. Furthermore, charges against Gazprom laid by the European Commission on certain matters of our operations in Europe were transferred to the formal field," Medvedev said.

"These charges affect three spheres of our operations," Medvedev said. "We gave exhaustive explanations refuting all these charges from our point of view in the course of offline consultations and during formal proceedings. Furthermore, we made a number of significant proposals to allay fears of the European Commission. I believe we are in a constructive dialog now and this issue will be settled to everyone’s satisfaction," he added.

The official antimonopoly probe was initiated on the basis of complaints of Lithuanian authorities to the EC on September 4, 2012. The investigation is carried out in the Baltic States, Poland, Czech Republic, Slovakia, Hungary and Bulgaria. Under the European law, the penalty for violation of the antimonopoly regulations may reach 10% of the annual turnover of the company on the market.

The EC and Gazprom started technical consultations on the antimonopoly case and proposals for its settlement on September 15, 2015.

Gazprom ready to additionally supply up to 140 bln cubic meters of gas to Europe by 2025

Gazprom is ready to provide Europe with any volume from projected 140 bln cubic meters demand growth by 2025, Deputy Chief Executive Officer of the Russian gas holding Alexander Medvedev went on to say.

"According to consensus forecasts of leading global analytical agencies available, additional gas import demand of Europe will be 140 bln cubic meters a year. Gazprom is ready to provide as much as Europe will want in terms of these volumes," he said.

The demand for imported natural gas will grow in Europe during the coming decade through its greater utilization in transport and in the energy sector, Medvedev said. 45 bln cubic meters of gas will be required in addition for the transport sector by 2025, particularly 25 bln cubic meters for the marine and river transport segment, he added.

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