UPDATE: EU Commission, Gazprom settle antimonopoly case - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

UPDATE: EU Commission, Gazprom settle antimonopoly case

(Adds details in paragraph 4, 811)

ST. PETERSBURG/BRUSSELS, May 24 (PRIME) -- The European Commission has decided to close an antimonopoly case against Russian gas giant Gazprom and obliged the company to enable the free flow of gas at competitive prices in Central and Eastern European gas markets, according to statements of the commission and the company released on Thursday.

The European Commission has adopted a decision imposing on Gazprom a set of obligations that address the Commission's competition concerns and enable the free flow of gas at competitive prices in Central and Eastern European gas markets, to the benefit of European consumers and businesses, the authority said.

Gazprom is also obliged to remove any restrictions placed on customers to re-sell gas cross-border and cannot act on any advantages concerning gas infrastructure, which it may have obtained from customers by having leveraged its market position in gas supply, the commission said.

Gazprom must not demand compensation by Bulgaria for cancellation of the South Stream gas pipeline project.

The company can be fined up to 10% of its worldwide turnover if it breaks any of the imposed obligations, according to the commissions statement.

Gazprom said: The European Commission has told us today that in the framework of the antimonopoly investigation and settlement of the claims by the European Commissions Directorate for Competition made under a corresponding investigation, it deems acceptable Gazproms proposals corrected after a market test, the company said. The commission decided to close the case and will not take any further actions regarding the case, the company said.

Gazproms Deputy CEO Alexander Medvedev said that the company is satisfied with the decision.

E.U. Competition Commissioner Margrethe Vestager said that the settlement of the case does not prevent interested entities in Central and Eastern Europe from claiming compensation by Gazprom in courts.

She said that Gazprom has the right to retain a dominating position on the E.U. gas market but must not abuse it.

She also said that the obligations on Gazprom would be in force for eight years, while the obligation to demand no compensation from Bulgaria would be in force for 15 years. Any long-term contracts that Gazprom signs during the period should include conditions of the settlement agreement, she said.

The European Commissions antimonopoly case was not about Russia, it was about European consumers and European businesses, she added.

The European Commission initiated an antimonopoly investigation against Gazprom in August 2012 and accused it of violating the E.U. competition rules in 2015. According to the authority, Gazprom restricted free supplies to Eastern E.U. countries by splitting gas markets, preventing diversification of supplies and setting unfair prices.

In March 2017, the European Commission disclosed details of Gazproms proposals for a peaceful settlement of the case. The authority approved the proposals preliminary.

End

24.05.2018 19:08
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 75.5358 -1.2198 16 nov
USD 66.6159 -1.3816 16 nov
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1138.02 +0.61 12:11 16 nov
micex 2385.09 +0.15 12:11 16 nov
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 154.36 +0.14 11:54 16 nov
lkoh 4873.00 +0.39 11:54 16 nov
rosn 427.55 +0.78 11:53 16 nov
sber 202.91 +1.38 11:54 16 nov
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 74.8575 -0.3425 11:54 16 nov
USDTD 65.9450 -0.6550 11:54 16 nov