Gazprom: effective contract to determine gas price for Belarus in 2011

MOSCOW, November 30 (Itar-Tass) -- Gazprom CEO Alexei Miller and Belarusian First Deputy Prime Minister Vladimir Semashko met on Tuesday to sum up preliminary results of cooperation in 2010 and map out plans for 2011, the Prime Tass economic news agency said, quoting a report of the Russian gas monopoly.

According to the report, "the supply price will be determined according to a formula in full conformity with the existing contract."

In addition, the sides discussed activity of the joint gas transportation company Beltransgaz.

On December 31, 2006, Gazprom and Beltransgaz signed the gas supply and transit contract for the period from 2007 through 2011. Among other things, the document set a price formula starting from January 1, 2008, which is in line with the price formula for Russian gas supplies to Europe, as well as the contract envisaged discount rates to the market price for the period from 2008 through 2010 (0.67, 0.8 and 0.9 respectively), Prime Tass reaffirmed.

In May 2007, Gazprom and the State Property Committee of Belarus signed the purchase and sale agreement for a 50 percent stake in Beltransgaz worth 2.5 billion U.S. dollars payable in equal shares within four years. In 2010 the transaction was completed, Prime Tass said.


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