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Gazprom Exec Cautions EU on Energy Reforms -by David Mchugh
A top executive with Russian natural gas company Gazprom on Saturday warned Europe against energy market reforms that would disrupt long-term supply agreements or infringe companies' rights to control their own pipeline infrastructure. Long-term contracts covering decades should not give way to short-term trading by "speculatively oriented entities such as Enron," said deputy CEO Alexander Medvedev, referring to the high-flying U.S. energy trader that went bankrupt. "Their fate is known to all," he said.
The European Union is working on a new energy policy aimed at cutting dependency on imports and increasing alternative sources of energy as well as competition, including a proposal to split big energy companies from their distribution networks. Gazprom, the world's largest gas company, produces gas from its Arctic and Siberian gas fields and also owns a distribution pipe network in Germany through its Wingas partnership with BASF's Wintershall division. Those proposals have taken on new urgency as Europe has seen its oil and gas supplies disrupted by disputes between Russia - which provides one quarter of its natural gas - and the countries the supplies pass through such as Ukraine and Belarus on their way to Germany, Poland and other countries.
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