Gazprom (GAZP.RS) Deputy Chairman Alexander Medvedev Tuesday defended the state-controlled natural gas giant's long-term, oil-linked contracts, saying there's no point talking about linking European prices to the spot market.
Gazprom (GAZP.RS) Deputy Chairman Alexander Medvedev Tuesday defended
the state-controlled natural gas giant's long-term, oil-linked contracts,
saying there's no point talking about linking European prices to the spot
market.
Gazprom is under investigation by the European Union for alleged violations of
antitrust rules. It has adjusted contracts for some clients in its most
lucrative market,
Europe
, but has insisted on keeping
natural gas prices linked to the oil price.
Speaking at the Gas Russia Forum in
Moscow
, Mr.
Medvedev said the EU probe appeared to be aimed at changing the way contracts
are structured to link them to prices on the spot market for natural gas.
But he said such a move would be "dangerous" as the long-term
contracts in their current form provided stability and reliability for
consumers and the supplier.
Mr. Medvedev said
Europe
would need an extra 100
billion cubic meters of gas by 2020. He said potential shale gas developments
couldn't cover those needs as such projects have an unclear future and the gas
would be expensive.
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