Russian President Vladimir Putin is lifting Gazprom’s monopoly on gas exports to Europe.
He ordered the government to make proposals by March 1st for annual supplies of 10 billion cubic meters of natural gas to Europe by energy giant Rosnefet, Interfax reported.
Rosneft, Russia’s largest oil producer, in which British Petroleum (BP) has a nearly 20% stake, has long sought to enter Europe’s lucrative natural gas market. Currently, only Kremlin-controlled Gazprom has exclusive rights to export Russian natural gas through gas pipelines, BNR recalls.
Rosneft chief Igor Sechin told Putin in October that if the company began exporting gas, it would help stabilize the European gas market while supporting Russia’s budget.
Natural gas prices in the region have risen sharply this year amid limited supplies and growing demand as economies recover from the pandemic downturn.
Tags:
–
