Gazprom Is Already Filling Italy's Energy Gap

 |  Includes: E, GZPFY, OMVKY
by: Emerging Money

Italy has had to scramble a bit to meet its energy needs after supply from Libya stopped. Luckily for them the Russians are stepping up to provide more gas.

Gazprom (OTCPK:OGZPY) has boosted its supply of gas to Italy from 30 million cubic meters a day to almost 48 mcm in order to fill the gap left by Libyan unrest.

This is much faster movement than anyone expected, and indicates just how nimbly OGZPY can move when public relations and a chance to lock up a market once inhabited by a strategic competitor are on the line.

Turkey and Italy were the two countries that reduced their overall purchasing from OGZPY the most drastically last year — both cut their gas imports 30% to 40%.

This gives Italian utility giant Eni (NYSE:E) plenty of gas to work with despite the closure of its Libyan sites.

After a week of uncertainty, it also looks like OMV (OTCPK:OMVKY) over in Austria is coping with the new status quo.

Libyan rebels started loading tankers earmarked for the Central European refiner yesterday, ending the disruption that previously wracked OMV’s supply lines.