NEWS & EVENTS: Breaking News
30.06.2009 10:01
June 30. Russian Gazprom will purchase 500 mn cu m of gas per year from Azerbaijan effective 2010, with supply volumes to be ramped up at a later time, the gas concern’s chairman Alexei Miller said. Gazprom and the State Oil Company of Azerbaijan Republic (SOCAR) signed Monday the general terms and conditions of an agreement to purchase and sell Azeri natural gas which the Russian giant is to add to its in-house output for subsequent export to Europe. “Effective January 1, 2010, Gazprom will commence purchasing Azeri gas. Initially we will purchase 500 mn cu m of Azeri gas. The terms provide for boosting purchases”, Miller said at a press conference after the signing ceremony. He did not disclose the purchase price and only said that gas will be purchased on the basis of a price formula. “The agreement sets the basic price which is commercially attractive for our Azeri partners”, Miller said.
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