EC approves of Russian-Polish gas agreements.

By bne IntelliNews November 8, 2010
EC approves of the natural gas supplies and transit agreements signed between Poland and Russia last month, EC energy commissioner Gunther Oettinger announced. He noted that the agreements are in line with EU energy legislation. To remind, it was reported last week that EC could challenge the agreements in court due to resulting high share of Gazprom in Polish energy balance, which goes against recently announced policies to diversify energy portfolios of EU member states. Under the agreements Gazprom's gas supplies to Poland will increase from current 7.5bn m3 to 9.7bn m3 this year and to 11bn m3 annually until 2022. This would increase Gazprom's share in Polish energy balance from current 60%-65% to about 80%, given country's current natural gas consumption of 14bn m3 annually. Meanwhile, as reported by Interfax citing sources close to the deal, Gazprom's oil arm Gazprom Neft is interested in acquiring oil refining assets in Poland. State 53.5% share in Group Lotos oil refining group (uniting five extraction and refining companies) are going to be put up for sale by Poland in 2011. It is reported that Rosneft and TNK-BP are interested in acquiring a stake in Lotos.

Related Articles

Russias participation in Cyprus bail-out under question.

As Cyprus is trying to come up with new ways to raise EUR 5.8bn needed to secure the financing from ECB, EC, and IMF, Russia's participation in the package is not clear. According to the latest ... more

Fitch: Russian banks risks in Cyprus limited.

Fitch Ratings believes that resolution of the Cyprus crisis with a deposit levy or some other form of burden sharing involving creditors is unlikely to result in material losses for Russian ... more

Sources: Russia could triple oil exports to China.

Russia and China discuss contracts that would triple exports of Siberian oil through various transport corridors, Reuters reports citing unnamed sources in the industry. Rosneft is discussing ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335