The maxi contract stipulated by Gazprom and CNPC (China National Petroleum Corporation) for gas supplies to China will have "an impact on gas prices in the European market" and will make Russian gas resources a field of competition. This was stated by the number one of the Russian energy giant Aleksey Miller, commenting on the signing on the supply contract for 38 billion cubic meters of gas for 30 years.
The total cost of the agreement will be 400 billion dollars, of which 25 billion will be paid in advance, as announced by Gazprom Export CEO Aleksandr Medvedev. This is the largest contract in Gazprom's history. Above all, the agreement with China opens up "competition for Russian gas resources", Miller said again, specifying however that Gazprom will remain a reliable supplier for Europe: "If we talk about Europe, we are able to supply gas as far as the market will require”.
Meanwhile, today's news is the agreement reached between Eni and Gazprim on the revision of gas supply contracts. The agreement provides for a reduction in the prices of the supplies and an important change in the indexing methods, to keep them in line with the market. The terms of the agreement apply retroactively from the beginning of 2014
