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Gazprom and France’s Engie negotiate adjustment of price in gas supply contract

April 11, 21:50 UTC+3
It was reported earlier Engie initiated arbitration proceedings against the Russian holding in February 2016 for the purpose of revising the contracted natural gas price
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© AP Photo/Kai-Uwe Knoth

MOSCOW, April 11. /TASS/. Representatives of Gazprom, Gazprom Export, and France’s Engie signed an agreement in Paris on adjustment of price terms of effective natural gas supply contracts in accordance with provisions reached this March, Gazprom’s export arm Gazprom Export said on Monday.

"The parties also agree to terminate arbitration proceedings," Gazprom Export said.

It was reported earlier Engie initiated arbitration proceedings against the Russian holding in February 2016 for the purpose of revising the contracted natural gas price.

According to conditions of long-term contracts, European consumers of Russian gas have a right to request the price revision depending on the market environment approximately once in two years. Gazprom makes retroactive payments in case of downward price adjustments.

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