Bloomberg News

Gazprom Says EU Gas Customers Seek More Frequent Price Revisions

February 01, 2012

Feb. 1 (Bloomberg) -- OAO Gazprom said its European partners are seeking to reduce the time allowed between reviewing prices for Russian natural gas supplied under long- term contracts.

Customers are seeking to move away from traditional three- year adjustments, and Gazprom will make decisions at its own discretion in each case, Sergei Komlev, head of pricing at the company’s export division, said during an anlyst call today.

Gazprom agreed with five customers to provide discounts, which will be applied retroactively and won’t lead to an increase in the spot component in the price, Komlev said, referring to agreements reached last month and the end of 2011.

“Other mechanisms were found,” he said.

To contact the editor responsible for this story: Anna Shiryaevskaya at ashiryaevska@bloomberg.net


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