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Gazprom shares down as EU opens antitrust probe

Author: Associated Press All articles by this author

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Sep. 05, 2012 15:54
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People walk outside the headquarters of Russia's gas giant Gazprom in Moscow on June 29, 2012, before the world biggest gas company's annual meeting.
Photo by AFP

MOSCOW — Shares in Russian gas giant Gazprom are down 1.5 percent, the biggest drop in five weeks, on news it is the subject of an EU antitrust investigation.

The European Commission is investigating whether Gazprom blocked fair competition in the gas markets of Central and Eastern Europe.

The Commission said Tuesday it "has concerns that Gazprom may be abusing its dominant market position in upstream gas supply markets." The European Commission's investigations can take months to complete.

Gazprom says in a statement on Wednesday that it hasn't been officially notified of the probe yet. It says it hopes the investigation will respect its "rights and legitimate interests proceeding from EU laws as well as international legislation."

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