Gazprom to Offer EU $615 Mln Discounts in 2012

Russian energy giant Gazprom will offer West European consumers 20 billion rubles ($615 million) in price discounts this year, Gazprom Deputy CEO Yelena Vasilyeva said on Thursday.

“Retroactive payments will amount to 20 billion rubles in 2012,” she said.

Retroactive payment implies gas price discounts granted to consumers retroactively.

Gazprom Deputy CEO Andrei Kruglov said the sum of the retroactive payments was flexible and depended on the results of negotiations with Gazprom’s partners.

All gas price discounts have been taken into account in the Gazprom budget, including its 2012 export revenue target of $160 billion.

Gazprom cut gas prices for long-term contracts with European energy firms from early 2012 to bring them in line with trends on spot markets.


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