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Russian Investments Face European Restrictions
The European Commission intends to publish several draft directives on September 19 that may contain the first limitations on investments in the EU electricity sector by third countries. Working drafts of the documents obtained by The Financial Times propose imposing limits on investments in the heating and electricity sector “driven by other motives than economic ones” and barriers on private investment, including a “reciprocity clause.”
The only effective barriers to mergers and acquisitions in the EU now are the requirement that large acquisitions be approved by antimonopoly authorities. Acquisitions of strategic but non-controlling stock packages are in practice uncontrolled. European Commission representatives explained yesterday that the proposed limitations would be “nonselective” in nature and apply equally to European and non-European companies.
Limitations on ownership of generating, transport, infrastructure and sales assets – “divisions of electric companies” – were first proposed last summer, but were blocked by France and Germany at the EU conference of ministers in June of this year. On July 17, however, European Commission vice president Gunter Verheugen warned during a visit to Moscow that new limitations may appear on September 19 that would affect Gazprom projects.
Reciprocity has been a key theme in documents prepared by European Commission member Alejo Vidal-Quadras on the instructions of the European Parliament. They propose placing special limitations on investments by state companies from countries in which European investment is limited. Besides Russia, those include Iran. Algeria, the United Arab Emirates and all the countries of the Persian Gulf, with the exception of Qatar and Bahrain. The Financial Times also mentioned Saudi Arabia.
www.kommersant.com
All the Article in Russian as of Aug. 31, 2007
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