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Russia: Gazprom still on Commission’s hook

By  |  February 9, 2014

European Commissioner Joaquin Almunia offered an update Friday of the Commission’s continuing case with Russia oil giant Gazprom, say reports, confirming that the company has yet to appease competition concerns.

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    Almunia confirmed meeting with Gazprom officials Friday to discuss progress in the case, which is looking into alleged anticompetitive behavior by the oil company including unfair pricing practices.

    Gazprom has reportedly offered concessions in the regulator’s investigation of the world’s largest gas producer, but reports say the offer does not appease all concerns. Gazprom has been under investigation by the Commission since September 2012 in regards to the concerns, especially with its pricing strategies in eastern Europe; the company has offered to cooperate with the Commission in the case but has resisted any pricing policy changes.

    Details of Gazprom’s offer remain unclear.

    If the authority and Gazprom cannot reach an agreement, the company faces fines of up to $14.3 billion.

    Full Content: Reuters

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