Sorry for the editorial license but weaz can't help it: Putin Poops on EU's Head

Russia to increase gas prices in Europe

Russian state-controlled natural gas giant Gazprom plans to raise the price of gas supplies to Europe next year by almost 15%, a Russian newspaper reported today.

Vedomosti, citing a draft 2007 budget for the gas giant, said Gazprom forecasts gas prices of around £150 (€221) per 1,000 cubic meters for shipment to Europe next year. That’s up from roughly £133 (€196) in 2006.

Gazprom forecasts that the higher prices should yield total revenue of £51bn (€75bn), with export revenues accounting for nearly half that – £24bn (€35bn), Vedomosti reported. The company plans to export some 157.8 billion cubic meters to European countries in 2007.

Gazprom officials could not immediately be reached to comment on the report.

The rise in prices is likely to stoke worries in European capitals, where governments are watching Moscow’s sway over European energy supplies with growing concern.

Russia current provides 30% of EU energy imports – including 44% of gas imports.

EU leaders have pressed Russia to sign the Energy Charter, an international treaty that would respect fair trade in energy and offer foreign investors fair access to Russian oil and gas deposits and export pipelines.

However, at a summit with EU leaders in Helsinki last week, Russian President Vladimir Putin restated his opposition to giving foreign companies easy access to his country’s energy sources or breaking up oil and gas state monopolies.

Original article posted here.