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Russia: Gazprom to show Almunia concession offer soon

By  |  December 9, 2013

The European Commission announced Monday that gas conglomerate Gazprom is expected to present the regulator with proposed concessions sometime this week to end the Commission’s investigation into the Russian firm.

The probe began last year into allegations Gazprom manipulated natural gas supplies within central and eastern Europe by blocking competing suppliers. Gazprom is also suspected of fixing gas prices by linking rates to those of its oil.

The company was threatened with formal charges by the Commission earlier this year. In response, reports say Gazprom deputy chairman Alexander Medvedev told Commission head Joaquin Almunia that a settlement proposal would be submitted this week.

Gazprom supplies one-quarter of Europe’s gas. The company is facing fines of up to $14.3 billion if it cannot reach a settlement with the Commission.

Full Content: Reuters

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