Gazprom bifurcation

In the Avenues of the emissions of Gazprom bonds about the probability of deprivation of an exclusive right to export gas through pipelines, it has long been spoken. Now a new risk has been added: the likelihood of a company reorganization, dividing it into two or more separate structures is not ruled out. This is written on Friday "Vedomosti".

“As for the deprivation of Gazprom, the monopoly - no meetings on this subject were held, no instructions were given,” the federal official told Vedomosti. But the interlocutor of the publication did not deny the possibility of reorganization, adding, however, that "its scale will not be immediately large, everything will be done gradually."

Recall, Gazprom, in fact, is the first Russian vertically integrated company, the creation of which in 1990 “dragged” Viktor Chernomyrdin, the first head of the concern. In other words, the whole essence of Gazprom is that one company is engaged in extraction, transportation and retail sales of gas. Supporters of this type of construction of the company assure that the division of Gazprom into several parts will lead to the destruction of technological chains, create a threat of technological disasters and, ultimately, will lead to a sharp increase in gas prices. The experience of the reform of the electric power industry, however, shows: the separation of generation, networks that perform the transport function, and did not lead to the catastrophe.

Ram Vyakhirev and Victor Chernomyrdin during a trip to the USALISPORTAL.ORG.UA

Moreover, the division of Gazprom into several companies, one way or another, has been talking for a long time - though, so far, theoretically. In the fall of 2015, the head of the Federal Antimonopoly Service (FAS) Igor Artemyev spoke of the need for such a reform - then Minister of Energy Alexander Novak said that this idea requires detailed study, and the Ministry of Economic Development immediately refused to support the Federal Antimonopoly Service in this matter.

In March 2016, Igor Artemyev confirmed that the FAS continues to advocate the allocation of Gazprom transport assets in a separate company. True, the head of the FAS had to admit that this issue can be resolved only in the event of a direct order from President Vladimir Putin.

The output of the North Stream gas pipeline ashore Gazprom in Germany

Not so long ago, another reason appeared for the separation of Gazprom, at least two companies - mining and pipeline. If earlier the main lobbyists of such an idea were Russian oil companies, which, due to the monopoly of Gazprom, have problems with the sale of associated gas, now, now, it may have to be in this way to respond to external pressure.

The fact is that the authorities of the European Union do not want to coordinate the construction of the Northern Stream - 2 gas pipeline. According to European standards, known as the Third Energy Packet, the company-owners of pipelines are not entitled to prohibit the access of third-party manufacturers. Moreover, if Gazprom still begins to build a new “northern stream-2”, European norms can be expanded to the Russian part of the pipeline, in any case, from the point of view of Brussels. So the allocation from Gazprom can be a forced measure to save the Russian monopolist from European norms.