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Gazprom Changed Venture in Italy
Gazprom will set to direct shipment of gas to power plants of Italy from October 1, supplying 900 million cu meters a year till 2022. The supplier is a venture, where Gazprom is represented by German ZMB and A2A and Iride will stand for Italy. It is the first accomplished deal of Russia’s gas monopoly on retail gas market of Italy. Another project, the joint venture with Enia Energia, hasn’t materialized.
A joint press release of Italian A2A, Iride, Gazprom and ZMB emerged at A2A web Friday. It says the parties signed September 25 an agreement to set up a venture that will operate on Italian gas market. Russia’s co-owner will be represented by German ZMB, where Gazprom Export has 100 percent and which will get 50 percent in the undertaking. The venture of A2A and Iride (70 percent and 30 percent respectively) will stand for Italy.
The venture will directly supply gas to Italian power plants that are parts of A2A Group, a top manager at Gazprom specified. “In future, we count on cooperating in energy generation, but whether it will be acquiring stakes in respective plants or constructing new plants is yet to be decided.”
Italy consumes around 85 billion cu meters of gas a year, importing 90 percent of it. Gazprom supplied 21 billion cu meters in 2007. This market is one of the most attractive in Europe with prices peaking to $550/ths cu meters to 650/ths cu meters in summer vs. $500/ths cu meters to $550/ths cu meters in Germany. Gazprom has been endeavoring to approach Italian retail since 2005, when it sealed an agreement with Central Italian Gas Holding AG for the venture establishment. But that project failed to materialize. A year later, Gazprom Marketing & Trading registered a division in Italy, but failed to find clients.
In 2006, Gazprom extended a contract with Italian Eni (controls 66 percent of Italian market) for the gas supplies till 2035. The plans were that the monopoly would enter Italian retail by buying the majority stake in a local trader - Enia Energia. But the deal was frozen despite the sanction of the European Commission, said Gazprom’s manger, adding that they will supply to Eni roughly 1 billion cu meters during a year starting from October 1, but the stake buyout and long-term contract are out of the question.
A new venture is another attempt of Gazprom to get access to Italian energy market. The monopoly will annually supply 900 million cu meters via it till 2022.
www.kommersant.com
All the Article in Russian as of Sep. 29, 2008
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