Gazprom and E.ON discuss new prospects for German gas market
The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Dr. Johannes Teyssen, Chairman of the E.ON AG Management Board.
The parties addressed the current state and the development prospects for the European and, in particular, the German natural gas market, the consumption growth forecasts and the issues related to Russian gas supplies to Germany.
E.ON AG is Europe's largest investor-owned electric power and gas company. Since February 2003 E.ON Ruhrgas AG (before July 1, 2004 Ruhrgas AG) has been a subsidiary of E.ON AG and is responsible for the group's gas business in Europe, including natural gas production, marketing, transportation and storage.
On October 2, 2008 Gazprom and E.ON AG signed the Agreement on joint participation in the Yuzhno-Russkoye oil and gas field development project, in June 2009 – the agreement on asset swap in natural gas production and marketing.
Pursuant to the agreement, Gazprom received a 49 per cent stake in Gerosgaz, a 2.93 per cent stake holder in the Company. As a result of the deal, Gazprom received the full property rights to this stake from E.ON Ruhrgas. In its turn, E.ON received 25 per cent of Severneftegazprom shares (thus bringing its stake to 25 per cent less three ordinary registered shares and three preferred non-voting shares).
E.ON Ruhrgas AG also partners Gazprom in the Nord Stream gas pipeline construction.