Russia's Gazprom will consider new projects to liquefy gas instead of supplying it to Europe through pipelines, the firm said, citing increased transit risks.
“In circumstances when LNG markets are becoming more global and because of a substantial increase in transit risks, when documents ignoring the interests of Russia are signed, we need to have a new look at our LNG strategy and study the need to start new projects,” Gazprom's chief executive said in a statement. Alexei Miller did not say in the statement what “documents ignoring the interests of Russia” he was referring to, but Russian leaders and Gazprom have severely criticized a March agreement between Ukraine and the European Union. The deal foresees the European Union investing in Ukraine's gas network. Russia said it was outraged that the two sides did not ask for its involvement despite the fact that it is the sole supplier of gas via the route. Ukraine has said Russia was still free to join the plan to modernize its pipelines, but Russia said it was suspending talks with Ukraine over a $5 billion stabilization loan until it gets clarification as to what the new deal with the EU means. (Reuters)