Gazprom clause prevents key security of supply investments

13 June 2008

Alexey Miller, CEO of Gazprom, speaks to Dafydd ab Iago. Speaking on 10 June at the European Business Congress in Deauville, France, Alexey Miller, chair of Gazprom, outlined plans to push forward with vertical integration, also in Europe. Gazprom is the world’s leading gas company with proven gas reserves estimated at around just over 29 trillion cubic metres, some 17% of the world’s proven gas reserves. Miller predicts that within seven to ten years, Gazprom capitalisation will surpass US$1 trillion. “We will then be the number one company in the world in terms of capitalisation,” said Miller. During a press briefing at the European Business Congress, Miller repeated his distaste for the European Commission’s so-called Gazprom clause. This clause, presented  by the Commission in its September 2007 proposals for the gas and electricity market, would subject operations and investments in the EU market by vertically integrated companies from third countries to prior EU consent. Miller had little consolation for policy makers worried as to the effects of ever increasing fuel prices. “The global economy needs more energy. Demand for gas and oil is increasing. Prices are going up,” said Miller. Read the article in full at Europolitics.

 

< Prev		Next >