Eni Gets Reduced Supply Prices from Gazprom

Italy’s Eni managed to get a reduction in supply prices from Gazprom, as part of the attempt to renegotiate third-party long-term gas contracts. 

The agreement has been signed by Gazprom CEO Alexey Miller and Eni CEO Claudio Descalzi on Friday. 

‘The agreement involves a reduction in supply prices and an important change in the price indexation to fully align it with the market. In addition, in 2014 Eni’s ability to recover gas pre-paid under "take or pay" clauses will be significantly enhanced,’ reads a note released by Eni. 

Eni holds a 15% stake in South Stream Transport, a joint project company focused on the construction of South Stream's offshore section. The project registered some achievements in the last hours.

After a meeting between Gazprom’s Alexander Medvedev and Dusan Bajatovic, Director General of state-owned Srbijagas, the Russian company published a communiqué, saying that the bidding procedure for designing and constructing the Serbian section of the South Stream is coming soon. 

‘It was pointed out that the bidding procedure was nearing completion and the relevant agreement would be concluded soon,’ Gazprom wrote on its website.