EU Anti-Trust Authorities Wrong to Suspect Gazprom, Executive Says

EU anti-trust investigators are wrong to believe any anti-competitive practices on the part of Gazprom, a company chief executive has said.

Deputy Chief Executive Alexander Medvedev said yesterday that Gazprom would be proved innocent of any allegations of wrongdoing following an investigation.

"I believe that it was a wrong assumption and I'm rather sure with the results of the investigation it will be crystal clear that there is no basis for such an act," he said.

Mr. Medvedev was responding to an investigation instigated by EU antitrust authorities, which saw around 20 companies raided in a EU operation in September this year. The EU said the surprise raids were targeted on those who were suspected of acting in an uncompetitive manner at the time.

"The investigation focuses on the upstream supply level, where, unilaterally or through agreements, competition may be hampered or delayed," a statement released by the European Commission said at the beginning of the raids.

"The Commission suspects exclusionary behaviour, such as market partitioning, obstacles to network access, barriers to supply diversification, as well as possible exploitative behaviour, such as excessive pricing."

Alexander Medvedev yesterday disputed any lack of competition in Gazprom, saying that the company was actually encouraging competition.

"If we have somebody who is bringing competition to the market it is Gazprom through its subsidiaries because we have gas, we have know-how, and we are ready to compete," he said.