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Gazprom ready to factor in spot prices in long-term deals

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Russia’s Gazprom inks deal to adjust gas price for Italy’s Eni

MOSCOW, July 04. /ITAR-TASS/. Russian gas giant Gazprom is ready to factor in spot gas prices into its long-term contracts, business daily Vedomosti reported on Friday citing two sources close to Gazprom.

In May, Gazprom CEO Alexei Miller signed an agreement on new price formation with Italy’s Eni. Gazprom did not disclose details, but Eni said that gas prices will be indexed to the spot market price.

Previously, Gazprom included spot prices into its contracts under the pressure from the EU and its European clients, but spot prices were used only for additional gas, taken above the minimal volume of the take-or-pay conditions. Eni was the first company to receive the whole volume of gas indexed to the spot market, a source close to Gazprom said.

“Indirect mechanisms allow to reduce the disparity between spot gas prices and the price of a long-term contract,” another source said, adding that the oil link is still in force.

A similar mechanism can be introduced in other European competitive gas markets, for instance in Poland, the source said.

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