Thursday, May 24, 2018

Gazprom agrees to reduce natural gas prices for Eastern & Central Europe: EC

Gazprom agrees to reduce natural gas prices
The European Union is imposing a series of obligations on Russian energy giant Gazprom to improve the flow of gas at competitive prices in Eastern Europe, EU Antitrust Commissioner Margrethe Vestager said on Thursday.

Gazprom will have to ease its hold on the European market, said Vestager, giving consumers "an effective tool to make sure that the price they pay is competitive.”

The Commission’s decision comes after three years of legal action. It means Gazprom will have to remove restrictions on customers to resell gas across borders and improve gas flows to members like Bulgaria and the Baltic nations.

If the Russian company breaks any of the obligations, the EU could impose a fine of up to ten percent of the company's global turnover.

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