EGF Gazprom Monitor, Issue 28, September 2013

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A Snapshot of Key Developments in the External Relations of the Russian Gas Sector
By Jack Sharples, EGF Associate Researcher on the external dimensions of Russian gas

Key points:

  • Gazprom"s Q1 profits rise due to increased sales revenues and reduced "retroactive payments" to European energy; Gas price negotiations between Gazprom & Lithuania continue; Russia and EU agree terms of use for OPAL; Gazprom commissions underground gas storage facility in Kaliningrad and may build Baltic LNG import and export terminals; EU prepares to charge Gazprom with abusing its dominant market position in Central and Eastern Europe; Gazprom asset-swap with BASF to be confirmed by early 2014
  • Ukraine faces delay in beginning of gas supplies from Europe via Slovakia; Gazprom and Ukraine reach a compromise over the amount of gas needed to be kept in storage to ensure stable transit of Russian gas via Ukraine in winter 2013-14
  • The EU leaves South Stream off its list of Projects of Common Interest
  • Gazprom and CNPC agree major T&Cs for gas supplies to China except for price, resulting in a delay to the start of construction of a new pipeline from Russia to China
  • Gazprom predicts losses of $16bn from planned freeze of domestic gas price increases, responds with call to freeze proposed Mineral Extraction Tax increases

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