Germany’s E ON, Gazprom may fail to agree on lower gas price.

1/8 Tass 202a

BERLIN, August 1 (Itar-Tass) —— Germany’s E.ON and Russia’s Gazprom may fail to agree on a lower gas price under long-term contracts, the German magazine Focus reported on Sunday with the reference to the E. ON spokesperson.

The magazine reported that E. ON hoped for a lower gas price under long-term contracts linked to the oil price. The gas market has much more cheaper offers, the Focus magazine reported.

The German concern hopes to gain a price concession from Gazprom that the Russian gas major has not agreed to. The Focus magazine learnt that E. ON is pondering over a plea to the International Arbitration Court in order to make the Russian company reduce the gas price.

Meanwhile, the DPA news agency reported that E. ON Ruhrgas, which is an E. ON subsidiary, sustains major losses that may reach about one billion euros over lower prices on the gas market.

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