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23 May 2008 - Russian gas export monopoly Gazprom has warned the European Union that Europe will be endangering its energy security by breaking up the continent's energy conglomerates, according to the International Herald Tribune.
The news source quoted Gazprom's director for international relations, Stanislav Tsygankov, saying that EU plans to debundle the energy sector across production, transmission and distribution lines, will create volatility across the sector.
Gazprom reportedly views its hold on the European energy market under threat from the EU's proposed energy sector reform and has threatened European investors with reciprocal action, if it is impeded in its expansion drive across the continent.
European energy majors like E.ON Ruhrgas, Wintershall, Gaz de France and Eni, who have struck long-term deals with Gazprom, are pressurizing the EU to soften its energy sector reform agenda.
These companies are of the view that such unbundling measures will be detrimental to the investment climate in Europe and put the continent's energy security at risk.
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