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14.04.2016 16:28
France's Engie Breaks Oil Price Link in Gazprom Contract
Engie received 10.3bn m3 from Gazprom under its term contracts last year, according to Engie's recent annual report
AUTHOR: publics.bg


  • © Engie

France’s Engie said April 12 it has reached an agreement with Gazprom Export to adapt the price of long-term gas supply contracts, Natural Gas Europe reported.

Pierre Chareyre, Engie’s executive vice-president, said: “With this agreement, Engie has de-risked its long-term supply contracts for the next years by adjusting their pricing to market conditions.” A spokesman clarified this meant the link between the price Engie pays for its Russian gas is now hub-indexed – he declined to say to which – and no longer linked in any way to oil prices as was previously the case.

Engie received 10.3bn m3 from Gazprom under its term contracts last year, according to Engie's recent annual report.

This was a fifth of the 51.5 bn cub. m supplied to Engie across Europe under its long-term contracts in 2015, according to the same data. Only Norway supplied more term gas to Engie (26%), followed by Algeria (15%) and the Netherlands (11%).


TAGS: Enrgie | Gazpro | oil price | gas | contract | oil price link 


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