Bloomberg News

Gazprom Sets Steel-Pipe Price Formula With Domestic Suppliers

November 29, 2011

Nov. 29 (Bloomberg) -- OAO Gazprom, Russia’s gas- transportation monopoly, agreed on a price formula to buy large- diameter pipes from domestic producers including OAO TMK, OMK’s Vyksa Steel Works, ChelPipe and OAO Severstal.

The formula is linked to prices for steel plates and steelmaking materials, such as iron ore, coking coal and scrap, as well as to Russian producer price inflation, Gazprom said in a statement today. The contracts will be for at least one year.

--Editor: Torrey Clark

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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