EU: Gazprom still needs more talks to settle gas antitrust case

Gazprom and the European Commission need further talks to assess the Russian gas giant’s compliance with EU competition law, they said after a meeting on Monday in Brussels.

Gazprom’s deputy chief executive, Alexander Medvedev, met EU antitrust chief Margrethe Vestager to discuss concessions aimed at ending a six-year-long investigation into Gazprom’s alleged anti-competitive practices in the supply of gas to eastern and central Europe.

“We had a very productive discussion today with Commissioner Vestager and her team. We have agreed to hold further talks at technical level in the coming weeks,” Medvedev said in a statement.

To meet EU requests, Gazprom offered to let clients renegotiate decades-long, oil-indexed contracts, with prices linked to benchmarks such as European gas market hubs and border prices, including in Germany.

The concessions made by Gazprom are now being tested to assess their impact in the market. Some rivals, such as state-run Polish oil and gas company PGNiG, are calling for the offer to be turned down and Gazprom to be fined.

“Further contacts with Gazprom are required to address the results of the market test and ensure the Commission’s objectives are met,” a spokesman for Vestager said after the meeting.

Full Content: Oil Price

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.