VOL. XLV

No 29

22-July-2002

RUSSIA/NORWAY

EU Agrees Gas Supply Compromise WithNorway And Russia

The European Union(EU) has dropped legal action which threatened revisions to existing long-termgas supply contracts with Norwegian producers, in return for a pledge thatfuture contracts will be negotiated individually by suppliers. The EU actionwas initiated under a recent directive liberalizing the European gas market,and claimed that existing long-term take-or-pay contracts were anti-competitive.The...