Gazprom To Adhere to EU Competition Rules

Russian giant Gazprom is ready to take into consideration the regulations of the European Union and thus avoid the penalty fees, reported Reuters, citing a statement of the European Commissioner for Competition Margrethe Vestager.

The news arrives after the end of a five-year anti-trust investigation. It is a signal of the unblocking of business contacts between Moscow and Brussels, added Reuters.

The anti-monopoly bodies of the EU are investigating the company due to claims about higher prices of the gas it sells to EU member-states in Central and Eastern Europe and hindering competitors which use the already constructed infrastructure in the region.

“They are reacting to our apprehensions regarding competition and are mulling a decision on the issue in accordance with EU rules,” said Vestager in the statement.

“We believe that Gazprom’s current stance will secure the free deliveries of gas to Central and Eastern Europe at competitive prices.”

The Russian giant undertakes the commitment to stick to its promises for eight years.

Now, the EU is asking eight countries in Central and Eastern Europe, probably including Bulgaria, for an opinion in relation to the claim that the Russian company offers too high prices to its customers and blocks the access of competitors to the gas market. The opinions have to be sent within seven weeks of the publication of the request in the Official Gazette of the EU.

Given the threat that these claims will result in a fine equal to 10% of its global proceeds, Gazprom has agreed to revise prices in its long-term contracts and the conditions related to the access of competitors to the existing gas infrastructure.

As part of the deal, European regulators announce that Gazprom will revoke clauses in the contracts for wholesale deliveries and for some industrial consumers which forbid them to export the gas purchased to third countries.

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