Shale gas could curb Gazprom prices, commissioner says

Energy Trade

The development of shale gas in Europe could help the continent obtain better deals from its current key supplier, the Russian giant Gazprom, EU Energy Commissioner Guenther Oettinger said on Friday. “I am sure (that) to have some shale gas option is a good instrument for our long-term negotiations (with) Gazprom and Russia”, Oettinger told journalists in Vilnius, Lithuania. Oettinger insisted that Gazprom, currently Lithuania’s sole natural gas supplier, was charging the Baltic nation, a Soviet republic until 1990, up to 40% more than the market price in Germany. “It is not acceptable,” AFP quoted Oettinger as saying. Oettinger said, Europe needs a common price from Lisbon to Vilnius. Lithuanian lawmakers are considering new laws which would strengthen environmental regulations after protests erupted over hydraulic fracturing, or “fracking”, a controversial technology used to extract gas from shale.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Energy