Gazprom’s clients to be able to renegotiate natural gas prices

20/03/2017 11:37 Natural Gas

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Gazprom has promised to allow its clients to renegotiate gas prices if they do not correspond to the Western Europe market average rates. The statement was made by Ricardo Cardoso in an interview for the Bulgarian National Radio.

  

Last week it was announced that Gazprom should change its behaviour on the market in order to avoid a multimillion euro fine by the EU for abuse of monopoly.

 

The European Commission has agreed to regulate the situation via extra-judicial proceedings with Russian company if it reviews the terms of its contracts with Bulgaria and seven other EU member states. Ricardo Cardoso also mentioned that all existing territorial restrictions in Gazprom contracts would be removed. This should drive to a more liberate gas trading in the region.

 

The renegotiation of natural gas prices becomes an option for markets where Gazprom has the monopoly and imposes disproportionately high rates. Also, there are many countries which do not have the option to renegotiate the rates in their contracts. Now, under the new regulations clients could demand renegotiation every couple years.

  

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