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

20/03/2017 11:37 Natural Gas

news

 

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 (11.12.2017): EU carbon prices slumped by around 3% to their lowest level in five weeks on Friday

11/12/2017 10:52:00

Oil prices surged by almost 2 percent on Friday, buyout by increasing Chinese crude demand and threats of a strike in Africa's biggest oil exporter. Brent crude closed $1.20, or 1.9 percent, up at $63.40 a barrel. Meanwhile, WTI crude prices rose 1.2% to settle at $57.36 a barrel.

<READ MORE

Gaziantep solar plant is the largest operational PV farm in Turkey

08/12/2017 16:30:00

Solar plant Gaziantep has been linked to the grid in Islahiye in the Gaziantep southeastern region in Turkey and represents the biggest operational solar unit in the Turkish state.

READ MORE

Romania will build a waste petroleum recycling facility

08/12/2017 15:31:00

Romanian Green Oil and Lubes firm will have a recycling plant for waste lubricant oil. The $56 million project aims to transform oil waste into base oils so it might be reutilized in the automotive and industrial field. The 73,000 metric-tonne recycling site will be constructed in southern region of Romania, on Danube’s shore.

READ MORE