E.ON straightens Gazprom sales

Deals

Gazprom’s biggest minority holder, German E.ON, presses for changing procedures for the overseas sales of monopoly.

The matter at stake is winding up intermediaries that are subsidiaries of Gazprom, including Swiss Rosukrenergo, German Gazprom Germania and Britain’s Gazprom Marketing & Trading. But by raising this issue, E.ON probably attempts to bring momentum to negotiations about Yuzhno-Russkoe field. At today’s meeting of Gazprom BOD, Alexander Medvedev, who is the deputy chairman of Gazprom’s Management Committee, will deliver a report on Gazprom’s marketing strategy overseas.

Medvedev will speak about “geographical diversification of the sales markets and direct access to end clients,” said a manager of Gazprom Export, which Medvedev heads. The topic was brought by E.On Ruhrgas Board Chairman Burkhard Bergmann, who is a member of Gazprom BOD. The sources say E.ON Ruhrgas presses for direct gas supplies to Europe and CIS, i.e. bypassing intermediaries such as Rosukrenergo, Gazprom Germania and Gazprom Marketing & Trading. In Gazprom, they don’t comment on the E.ON proposal. The analysts say the true purpose of E.ON could be an attempt to strengthen standing at negotiations over Yuzhno-Russkoe field. For a few years, the companies are unable to agree what assets E.ON is to contribute to get 25% in the field, which resources are estimated at 805 billion cubic meters of gas. (kommersant)

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