Exec: Gazprom mgmt approves restructuring of European assets

MOSCOW, Sep 25 (PRIME) -- The management of Russian natural gas giant Gazprom has approved the restructuring of its European assets in the trading and logistics sector, Alexander Medvedev, deputy CEO, told reporters Tuesday.

Medvedev pointed out that the decision was made due to a production necessity and not because of the launch of investigations by the European Commission.

On September 4, the European Commission launched an antimonopoly investigation against Gazprom on concerns that the company could be abusing its dominant market position on gas supply markets in Central and Eastern Europe. Among other claims was one on Gazprom’s contracts obligatorily including the take-or-pay condition.

“Gazprom is considering these issues regardless of the European Commission’s claims. We do want to optimize our business, the matter is under consideration. The issue of improving our foreign activities has nothing to do with the commission’s complaints,” Medvedev also said.

Moreover, the company’s deputy chairman stated that the E.U. authorities have initiated the investigation of Gazprom’s activities on the East-European markets in a bid to obtain a discount for natural gas supplies.

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