DEPA to Get Backdated Gas Price Cut from Gazprom

DEPA to Get Backdated Gas Price Cut from Gazprom

Greece and Russia's Gazprom will soon announce a new gas supply deal including price cuts backdated to last June, Reuters reported, quoting unnamed sources.

Gazprom and DEPA have been holding talks for months, with DEPA seeking a cut of between 15 and 20% in the gas supply price.

"We consider that this will be a done deal in the next few days. The lower prices will apply retroactively from June 2013," a Greek ministry official told Reuters, speaking on condition of anonymity. Gazprom declined to comment.

According to another source close to the talks, a framework agreement between DEPA and Gazprom reached last month was approved by Greek and Russian governments after a meeting between president Vladimir Putin and prime minister Antonis Samaras. The initially agreed price will be below $400 per 1,000 cubic metres of gas, down from the $470 DEPA pays now, the source added.

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