Russian Foreign Minister Sergei Lavrov said Serbia will continue construction of the South Stream pipeline in July as Norwegian gas company Statoil told the European Union it will help with gas supplies. Russia cut off gas to Ukraine on Monday, which could affect Europe’s gas supply.
"We can increase somewhat but we cannot replace Russian gas," CEO Helge Lund said.Gazprom is the dominant force in the natural gas market at 16% and Statoil is barely behind with 14% of the market share. Europe receives 30% of its gas from Gazprom and half of those pipelines run through Ukraine. CEO Alexei Miller said Gazprom will continue to provide gas to Europe, but made a snide remark that Ukraine might take some for them and he will not make up the difference.
Norway is not in the EU and it does not look like it will happen any time soon. The country rejected the referendum in 1972 and 1994 and in 2013, and a poll showed less than 20% of Norwegians want to join the EU. However, Norway does belong to the European Economic Area and European Free Trade Area. In 1998, “Trade from Norway to the EU amounted to €91.85 billion" while the “EU’s exports to Norway amounted to €43.58 billion.