Careful What You Wish For; Gas Pricing in Europe  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 404 no. 8793 (Jul. 2012), page S11-S12.
Topik: Natural Gas Prices; Natural Gas Industry; Crude Oil Prices; International Trade; International

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Europe is the main battleground for gas pricing. In America gas prices are set by the fundamentals of supply and demand (known as gas-on-gas competition), which means they are currently low. In Asia gas is mainly bought and sold at prices set by contracts linked directly to (currently high) oil prices. Europe is somewhere in the middle. The long-term take-or-pay contracts that guarantee minimum purchases of gas indexed to oil prices--the customary method for buying and selling gas in Europe--are coming under enormous pressure. This is upsetting Russia's Gazprom and Norway's Statoil, which between them supply 40% of the continent's gas, mainly on those terms. Even Vladimir Putin, Russia's president, acknowledged in a speech in March that competition from shale gas would have a big impact on Russia's gas suppliers. Gazprom is having to gauge ever more carefully how much it can charge its European customers without putting them off. Gas accounts for 10% of Russia's GDP and makes a handsome contribution to the state's coffers, so Mr Putin is right to be worried.

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