Gazprom avoids EU fines

BRUSSELS, May 24, 2018 – The EU has accepted Gazprom’s offer to ease the terms of long-term supply contracts with countries in eastern and central Europe and avoid a fine, international media reported on Thursday.

In March 2017, the Russian gas giant offered a series of concessions in the seven-year antitrust case, which the European Commission at the time said eased its concerns. A fine could have amounted to up to 10% of the company’s global turnover.

The news also came as Gazprom Neft, the company’s oil arm, struck a deal to develop several oilfields in Siberia with the UAE’s Mubadala Petroleum. Gazprom Neft will hold a 51% stake in the JV, which will operate the fields in the Tomsk and Omsk regions, while Mubadala will hold 44% and Russia’s sovereign wealth fund will own the remaining 5%.

Read our latest insights on: