EU threatens to exclude Gazprom from Nord Stream project

Jun 18, 2007 02:00 AM

Gazprom may be forced out of the Nord Stream gas pipeline project, said Neelie Kroes, the European Commissioner for Competition.
Presently Gazprom owns the controlling stake, but if new rules on the energy reform in the EU are accepted, the company will have to sell its stake.

The reform implies all the assets belonging to the European energy companies to be divided into two independent groups of energy producing firms and companies occupied with transportation and marketing.
As soon as the rules are passed, Gazprom will have to meet them, but the point is that the opponents of the reform are powerful and managed to vote down the reform 7 June in Brussels. Thus, the final decision has not been made yet.

The German companies BASF and E.ON are the partners of Gazprom in the Nord Stream project. 51 % owned by Gazprom and 24.5 % owned by BASF and E.ON each.

Source: bbj.hu
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