Gazprom agrees 50% increase for Turkmen 2007-2009 gas supplies

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Gazprom [RTS: GAZP] said Tuesday it has agreed to pay $100 per 1,000 cubic meters of natural gas from Turkmenistan in 2007-2009, an increase of 53%.
MOSCOW, September 5 (RIA Novosti) - Gazprom [RTS: GAZP] said Tuesday it has agreed to pay $100 per 1,000 cubic meters of natural gas from Turkmenistan in 2007-2009, an increase of 53%.

The Russian energy giant currently pays $65 per 1,000 cubic meters for natural gas supplies from the Central Asian country, which threatened to cut off supplies to Russia if an agreement on the new price of $100 were not reached by September.

The deal is likely to influence the price of gas supplies to Ukraine, which was involved in a pricing spat with Gazprom in winter that led to the Russian energy giant temporarily cutting off supplies in January. The dispute was settled with an agreement signed on January 4. Under it Ukraine now imports a mixture of Russia's and Turkmenistan's natural gas at $95 per 1,000 cubic meters. The price formula is based on a rate of $230 for Russian gas and $60 for the Central Asian republic's gas.

Gazprom said the agreement with Turkmenistan was reached during a meeting between chief executive Alexei Miller and President Saparmurat Niyazov.

The parties also agreed that additional Turkmen gas supplies would total 12 billion cubic meters in 2006 and 50 billion cubic meters a year in 2007-2009, Gazprom said.

The parties also reached agreement that the price of gas supplies would remain unchanged until the end of 2009 and by July 1, 2009 they would negotiate an adjustment on the basis of European gas prices for long-term deliveries, Gazprom said.

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