Greece, Gazprom Agree in 10-yr Extension of Gas Supply Deal

Greece, Gazprom Agree in 10-yr Extension of Gas Supply Deal

Greece's natural gas distributor DEPA has reached a new gas supply deal with Russian energy giant Gazprom, which includes a 15% price cut backdated to last July, Reuters reported, quoting the country's energy ministry.

The new agreement extends a current deal between the two companies by 10 years to 2026, the energy ministry said in a statement.

The new deal provides for a more flexible take-or-pay agreement to supply DEPA with between 2.5 and 3 billion cubic metres of natural gas each year.

The new gas price is linked to the one for oil and is below $400 per 1,000 cubic metres, Reuters reported, quoting a source directly involved in the talks.

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