World Bulletin / News Desk
Russia's Gazprom will repay about 1 billion euros ($1.28 billion) to its European clients by the end of the year as part of an agreement to cut gas prices, a company official said on Monday.
The state-run gas producer had agreed to tweak long-term deals with key European customers who claimed that its prices were too high and it returned more than 78 billion roubles ($2.43 billion) in the first quarter.
The repayments failed to stop the European Commision from launching an investigation into Gazprom last week. The Commission is to look at suspected anti-competitive practices in central and eastern Europe and could issue fines of up to $5 billion.
Deputy Chief Executive Alexander Medvedev told a conference call on Monday that the new payments would be "significantly lower" than in the first quarter and would total about 1 billion euros, "plus or minus 10 to 15 percent".
The bulk of this will go to German utility E.ON.
The European Commission's action continues what has been a tense relationship between the European Union and Moscow over energy policy as European governments seek new sources for their gas.
Lithuania and the Czech subsidiary of RWE, Germany's second-biggest utility company, had both been trying to negotiate better deals on their gas from Russia, while Poland's PGNiG went as far as bringing Gazprom into an arbitration court.
Gazprom last week reported a 24 percent fall in first-quarter net profits because of its repayments so far and said that it was ready to cooperate with the European Commission investigation.
Medvedev added that he will soon meet a deputy competition commissioner to discuss the investigation face to face. ($1 = 0.7812 euros)
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.