Mr Bernotat said in an interview with the Financial Times newspaper that the fears over Gazprom’s long term ambitions were overstated.
Russia has a pipeline system geared entirely toward the west, he told the paper. They make their money exclusively from exports – they don’t make any in Russia itself. So they need the exports to be profitable to be able to finance the investments needed to maintain such a high level of production.
E.ON is arguably in a strong position to gauge Gazprom’s intentions, given that the German firm is the largest foreign shareholder in the Russian giant, with a 6.4% stake. It also has long term gas supply contacts with the company.
They have got the stuff we want and need, Mr Bernotat said. I find the Gazprom supply debate completely exaggerated and overblown. It is, to be frank, absolute nonsense.
