Equinor sees no substantial impact from EU gas price cap

OSLO (Reuters) -Norwegian oil company Equinor said on Tuesday it believed the European Commission’s proposed gas price cap would have no substantial impact on the company’s exports to Europe.

The EU executive on Tuesday proposed a cap of 275 euros ($282) per megawatt hour from next year for month-ahead derivatives on the Dutch exchange that serve as Europe’s benchmark.

“Our immediate assessment is that this will not give substantial consequences on our exports,” Equinor said in a statement to Reuters.

Norway has overtaken Russia as Europe’s biggest gas supplier. State-controlled Equinor’s is the Nordic country’s largest producer of oil and gas.

(Reporting by Nerijus Adomaitis, writing by Terje Solsvik. Editing by Jane Merriman)