Gazprom interested in long-term contracts with EU — Putin

According to the Russian President, the producer is interested in such stability

MOSCOW, October 13. /TASS/. The Russian gas holding Gazprom is interested in long-term contracts with the European Union, although it loses in prices versus the spot market, President Vladimir Putin said at the plenary session of the Russian Energy Week forum.

“Germany receives [gas] at $250-230, maximum at $300 per 1,000 cubic meters, rather than at $2,000 or $1,500. Gazprom appears to lose, because if it sold at the spot [market], it would receive [$] 1,200 per 1,000 cubic meters, while it gets $250-300,” the President said.

“The producer is nevertheless interested in such stability. This is because it knows it will sell a certain minimal volume at a certain minimal price and then it appropriate develops its investment policy. This is beneficial for the supplier and for the consumer,” Putin noted.

Prices of gas supplied by Gazprom depend on the oil price and company’s revenues from supplies plunged after oil prices dropped on the global market in 2019 and 2020, the Russian leader said. Company’s revenues moved up as oil prices increased, he added.

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