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Moldova to fine Gazprom-linked company for violating EU directives — regulator

Chairman of the Board of Moldovagaz Vadim Cheban said that on September 8, the company's management will provide all possible additional arguments in defense of its position

CHISINAU, August 10. /TASS/. Moldova’s National Energy Regulatory Agency plans to penalize the Moldovatransgaz enterprise, accusing it of violating its pledge to spin off from parent company Moldovagaz, the regulator’s press service reported. Russian gas giant Gazprom holds a controlling stake in Moldovagaz.

"The agency is to apply sanctions in the amount of at least 10% of the annual turnover of license holders for the operator's failure to fulfill obligations related to ensuring its independence from the vertically integrated enterprise [Moldovagaz]," the report says.

Earlier, the Moldovan authorities promised the EU that they would implement the provisions of the Third Energy Package, which provides for the split of Moldovagaz into three independent companies that will supply, transport and distribute gas. According to the agency, the independence of Moldovatransgaz can be achieved either by divesting transport networks, or by transferring them to the management of a third company that has nothing to do with the structures of Moldovagaz.

Chairman of the Board of Moldovagaz Vadim Cheban said that on September 8, the company's management will provide all possible additional arguments in defense of its position.

Moldovagaz was founded in 1999. The largest shareholder in the company is Gazprom, which controls 50% of the shares, another 35.3% belongs to the government of Moldova, and 13.44% - to Transnistria. The unrecognized republic transferred its shares to Gazprom for management. Moldovatransgaz is part of the Moldovagaz group of companies.

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