French power giant GDF Suez's (GSZ.FR) vice chairman Jean-Francois Cirelli said Thursday he doesn't think the diplomatic crisis between Russia and the European Union will endanger supplies of gas as the winter starts.
"Today we're serene. Russia is and has always been a reliable supplier of gas to France," Cirelli told reporters on the sidelines of a panel discussion at the Medef business lobby meeting in the outskirts of Paris. "We've taken no (special) measures for this winter. Climate is the only driver of our gas policy."
Russia's recognition of the independence of the two breakaway Georgian republics of Abkhazia and South Ossetia has met with condemnation from the international community and the E.U.
Russia is the largest supplier of oil and gas to the European Union. France is less exposed than the rest of the bloc to imports of eastern gas. While the E.U. gets about 40% of its natural gas supply from Russia, the equivalent figure for France is 15%, Cirelli said.
While the company isn't planning to increase reserves, and keeps in stock three months of supply, Cirelli said "the Russian gas is indispensable."
French Foreign Minister Bernard Kouchner said earlier in the day that some sort of sanctions were being considered following Moscow's recognition on Tuesday of the independence of the two regions of Georgia.
On a separate subject, Cirelli said the company is ready to pass lower gas prices on to consumers if the price fall proves long-lasting.
"We're happy with this fall in oil prices but for its effects to show in our clients' bills the movement needs to last several months," Cirelli said.GDF Suez would need oil prices to be lower in a six-month period compared to the previous six months before it could cut prices for customers, Cirelli said