Reuters | Aug 03, 2020 16:45
WARSAW (Reuters) - Poland's anti-monopoly watchdog UOKiK said on Monday it had fined Gazprom 213 million zloty ($57 million/£43.44 million) (MM:GAZP) over a lack of cooperation in its proceedings with regard to the Nord Stream 2 pipeline project.
Poland sees Nord Stream 2, which would double Russia's gas export capacity via the Baltic Sea, as a threat to Europe's energy security, saying it will strengthen Gazprom's market dominance.
Nord Stream 2 is led by Gazprom, with half of the funding provided by Germany's Uniper (DE:UN01) and BASF's (DE:BASFn) Wintershall unit, Anglo-Dutch company Shell (L:RDSa), Austria's OMV (VI:OMVV) and Engie (PA:ENGIE).
UOKiK has been examining the project for years. In 2019 it fined Engie 40 million euros (36.06 million pounds) for failing to provide documents and information relating to the case.
"At the beginning of the year, we requested Gazprom provide us with contracts concluded by its subsidiary with other companies financing the construction of Nord Stream 2," the head of UOKiK said in a statement. "The company failed to provide such information."
"To my mind, it is an intentional act, the aim of which was to obstruct the ongoing proceedings."
Gazprom said it had asked UOKiK to provide justification for that request, which it had not received. The Russian energy giant plans to appeal the fine in court, it said on Monday.
Russian President Vladimir Putin and Gazprom have said they plan to complete Nord Stream 2. More than 90% of the construction has been completed.
Gazprom supplies most of the gas consumed in Poland. Polish state-run gas company PGNiG (WA:PGN) has often complained it pays more than its European peers for Russian gas.
In July, Gazprom paid PGNiG the $1.6 billion the Polish company won in a pricing dispute and PGNiG chief executive said that Poland's relations with Gazprom were "becoming normal."
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.