EC calls meeting to monitor Gazprom threat

02 August 2007 12:15  [Source: ICIS news]

PARIS (ICIS news)--The European Commission (EC) said on Thursday it would call a meeting of the Gas Coordination Group to review gas supplies after Russia warned it would slash supply to Belarus.

 

The EC has already activated the European Union's (EU) Network of Energy Security Correspondents (NESCO) to monitor the gas dispute between Russia and Belarus and its possible impact on the flow of gas to the EU.

 

Russian gas giant Gazprom said on Wednesday it would cut gas supplies to Belarus by 45% as from Friday over unpaid debt of $456.16m (€333.81m) for natural gas supplied in the first-half of 2007.

 

The EC has called on both sides to find an amicable agreement as soon as possible and not to disturb the gas supply to EU member states.

 

Russia transports around one third of its natural gas exports to Europe, about 50 billion cubic metres (bcm), via Belarus.

 

($1 = €0.73)

By: Philippa Jones
+44 20 8652 3214

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