Gazprom renegotiates EU contracts

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Series Details 26.2.10
Publication Date 26/02/2010
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Article reports that Gazprom, Russia's gas export monopoly, has renegotiated some contracts with European customers for a three-year 'crisis' period, according to Alexander Medvedev, deputy chief executive.

Gazprom has agreed changes to gas contracts with European energy groups to allow up to 15% of sales to be linked to gas prices on the spot market, which are presently about 25% cheaper than the oil-linked prices specified in long-term contracts.

It emerged February 2010 that GDF Suez of France had renegotiated its contracts with Gazprom, alongside Eon of Germany and Eni of Italy.

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