Gazprom may fine EU buyers for not taking contracted volumes

November 11, 2009 - 0:0

MOSCOW (RIA Novosti) - Gazprom could fine European consumers for falling short of contracted purchase volumes by 8-9 billion cubic meters of gas, an executive at the Russian gas monopoly said on Monday.

Sergei Chelpanov, deputy general director of Gazprom Export, the holding’s export arm, said the claims would be based on the “take or pay” clause in the contracts that obligate the buyer to pay for the entire contracted volume.
He stressed there was “no question of scrapping” penalties for failure to buy the full amounts stipulated in contracts.
Chelpanov’s comments follow media reports that European consumers were in talks with Gazprom seeking exemptions from penalties this year on the grounds that no such claims had been made against Ukraine.
The executive also said Gazprom would export 45 bcm to Europe in the fourth quarter of the year and for a 2009 total of 142.5 bcm.