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

20/03/2017 11:37 Natural Gas



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.


Daily (19.06.2017): British prompt gas prices unexpectedly rose by around 19% on Friday

19/06/2017 10:15:00

Oil prices edged up on Friday but the market is still bullish. Rising U.S. oil output has undermined the impact of OPEC-led cuts. Data from the U.S. EIA showed growing gasoline stocks and low demand, despite the peak summer driving season.


Russia envisaged Siemens turbines for Crimean plants

19/06/2017 09:40:00

Russia has revealed for the first time it has envisaged to install equipment produced by German company Siemens in two new power plants in Crimea, a project that has been affected by difficulties due to European trade sanctions.


Norway-Poland gas pipeline plan requires demand for 75% of capacity

19/06/2017 08:39:00

A pipeline to provide Norwegian gas to Poland that will cost around 2 billion euros ($2.23 billion) will only be constructed if there is demand for minimum 75 percent of the gas it can convey, one of the associates in the project told Reuters.