Gazprom

The most significant impact this will have on Gazprom, which provides a third of the European Union gas.

The publication writes that a draft of such document is expected to be released by the European Commission on Wednesday, February 25. It was developed as part of a new strategy for pan-European energy security. According to the draft, the EU member states are to lose part of their sovereignty in the energy policy in favor of the EC. Before signing new agreements with third countries – suppliers of gas, the EU member states will have to submit said agreements to the Commission for review, which will examine them for compliance with the laws of the European Union. Brussels will have the final word on each deal.

For countries that are highly dependent on one of the suppliers, there will be a possibility of “voluntary associations for joint procurement.”

Such decision-making procedure will also apply to commercial contracts, in particular to the agreements of German companies Wintershall and E.On with Gazprom, although just in April of 2014 the German Government contended that it will not interfere in private agreements.

In January, the European Parliament adopted a resolution to implement energy security policy. The need to reconsider this issue came up with the beginning of the Ukrainian crisis, when the reliability of Russian gas supplies came to be under threat. The document stresses that it is important to develop projects to construct gas pipelines, which diversify energy supply of the European Union. According to the MEPs, this should help the EU member states that currently “have to rely on Russia as the only supplier of energy resources.”

The resolution states that steady supply of gas to Ukraine is important for energy security of the European Union. The document proposes to develop cooperation programs with Kiev, as well as with the countries of the South Caucasus, Central Asia, the Middle East and the Mediterranean, aimed at developing the infrastructure and the interaction between the EU and its European neighbors “independent from Russian gas.” The European Energy Community will coordinate this issue.

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