Saturday August 23, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece's DEPA to get backdated gas price cut from Gazprom, say sources

By Harry Papachristou

Greece and Russian energy giant Gazprom will soon announce a new gas supply deal including price cuts backdated to last June, sources said on Thursday.

Gazprom is the biggest supplier of Greece's state-run natural gas distributor DEPA. The two sides have been in talks for months, with DEPA seeking a cut of between 15 and 20 percent in the gas supply price and threatening to go to arbitration if there is no agreement.

"We consider that this will be a done deal in the next few days. The lower prices will apply retroactively from June 2013," a Greek ministry official said on condition of anonymity. Gazprom declined to comment.

Greece is keen to reduce its industry's energy costs to help to shield it from the effects of the country's deep six-year recession that has led to a wave of corporate bankruptcies and unemployment of 28 percent

According to another source close to the talks, an outline agreement struck at company level between DEPA and Gazprom last month also got a green light at government level after a meeting between Russian President Vladimir Putin and Greek Prime Minister Antonis Samaras.

The Greeks are now just pressing for marginal improvements, on price or quantities, and are no longer considering going to international arbitration.

"The initial agreement also extends to government level now, so there's no question of arbitration any more," the source said.

According to the second source, the price initially agreed will be below $400 per 1,000 cubic metres of gas, down from the $470 DEPA pays now. The energy ministry source declined to elaborate on the level of the price, saying that it will continue to be linked to oil prices.

The current deal, which expires in 2016, will be extended to 2026, with Gazprom to supply DEPA between 2.5-3 billion cubic metres a year.

Combined with a recent, five-year supply agreement over 1 bcm between DEPA and Azeri consortium Shah Deniz, the Gazprom deal secures DEPA's supply for years to come and may increase its value ahead of its planned privatization, the source said.

"This agreement gives DEPA flexibility to cope with Greece's economic crisis and increases its market value,» the source said. DEPA, whose planned privatization failed in 2013, will be re-launched this or next year. [Reuters]

ekathimerini.com , Thursday February 20, 2014 (14:58)  
External factors threatening Greek recovery
Vodafone to buy 73 pct more of Hellas Online for 73 mln euros
Tourist road arrivals head for new record
OAEE ups pressure for unpaid fees
New Democracy should look to center ground, says Mitsotakis
Administrative Reform Minister Kyriakos Mitsotakis expressed opposition on Friday to New Democracy’s apparent plans to bring back into the fold politicians who had left the party in the past...
Education Ministry says almost 180,000 tertiary students ´stagnant´
A total of 178,458 people have failed to complete their tertiary education studies but are still registered as students, the Education Ministry said on Friday. According to the ministry, 139...
Inside News
West Brom sign Greek international striker Samaras
West Bromwich Albion have signed Greece striker Georgios Samaras on a two-year contract following his release from Scottish champions Celtic, the English Premier League club said on Friday. ...
SOCCER
Panathinaikos, Asteras Tripolis notch up vital wins in Europa League
Thursday proved a very productive night for two of the three Greek teams performing in the Europa League as Panathinaikos and Asteras Tripolis secured vital wins in the first legs of their p...
Inside Sports
COMMENTARY
On steroids
Bodybuilders are in a league of their own. They rarely make headlines for their achievements, their performance, or being role models. In contrast, they’re more likely to make the news due t...
EDITORIAL
Time to kick a stupid habit
Official figures indicate that tax dodging continues unabated across Greece’s tourist areas. According to data made available by the Finance Ministry following checks conducted between July ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. New Democracy should look to center ground, says Mitsotakis
2. Education Ministry says almost 180,000 tertiary students ´stagnant´
3. Hardouvelis ready to make changes to property tax after MP talks
4. Ancient Amphipolis tomb unlikely to have been looted, says lead archaeologist
5. Anti-terrorism squad called in after 300,000-euro bank robbery
6. External factors threatening Greek recovery
more news
Today
This Week
1. Aftershocks rattle Halkidiki after strong 5-Richter quake
2. Coast guard intercepts 180 migrants in Aegean in two days
3. Greek peach farmers await Brussels decision on compensation
4. Avramopoulos, Hagel hammer out 'roadmap' of defense cooperation
5. Hardouvelis hears grievances of coalition MPS to unified property tax bill
6. Spanish government bonds rise with Italy's before Draghi speech
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. The magical mountain
3. Merkel cites euro’s ‘construction flaws’ as economy sputters
4. Greek stock recovery fading away as ASE falls 21 pct on valuations
5. Brussels warns Greece over plans to allow construction near Korinos beach
6. Second man held over double murder in Mani
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.