05/09/2012 14:15:00

Gazprom's EU Troubles are Politically Driven

Related content

VLADIVOSTOK, Russia--Russian natural gas giant OAO Gazprom's (GAZP.RS) troubles in Europe are driven by "political factors" and "didn't appear yesterday," the country's Economy Minister Andrei Belousov told Dow Jones Newswires Wednesday.

Speaking on the sidelines of the Asian-Pacific Economic Cooperation group summit, Mr. Belousov blamed European buyers of Gazprom's gas for "trying various means, not always proper, to create better conditions for themselves, including the ones we've seen."

"From the economic point of view Russian gas is profitable for Europe, which can be proved by simple calculations," he said. "There is no alternative to Russian gas in Europe."

The European Commission said Tuesday it has launched an investigation into whether Gazprom had breached antitrust rules by hindering the free flow of gas across European Union member states, preventing countries from diversifying their gas supplies and imposing unfair prices on its customers by insisting in contracts that the price of its gas be linked to oil prices.

Mr. Belousov declined to comment on the announcement as it "should be studied first."

He said, however, that limitations to Gazprom's business in Europe, if they materialize, may cause a slowdown in Russian gas production and export growth.

Write to Alexander Kolyandr at alexander.kolyandr@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

September 05, 2012 09:15 ET (13:15 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Tech Companies Send Criticism Along With NSA-Related Data -- Update

04/02/2014 00:06:00
By Danny Yadron Technology companies including Google Inc. and Microsoft Corp. released new figures on the amount of data requests they received from U.S. ..

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Reykjavik Energy‘s Annual Report and Environmental Report 2014 published
2
Bionor announces promising results from an interim analysis of the functional cure HIV study REDUC Part B.
3
EY and Ericsson study maps successful mobile operator strategies
4
Pihlajalinna is planning an initial public offering and listing on Nasdaq Helsinki
5
Kotipizza Group Oyj : Kotipizza Group Oyj launches a Mexican-style restaurant chain

Related stock quotes

Dominion Resources Inc 71.70 0.0% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2015   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
04 May 2015 08:03:30
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20150424.2 - EUROWEB5 - 2015-05-04 09:03:30 - 2015-05-04 08:03:30 - 1000 - Website: OKAY