ECONOMY

DEPA to seek arbitration over Gazprom rates

Greece’s Public Gas Corporation (DEPA) is determined to seek arbitration in case negotiations with Russian energy giant Gazprom regarding natural gas supply rates fail to reach a positive conclusion.

According to government sources, the Greek side is trying to secure a price that will be close to the European Union average and similar to that offered to neighboring countries. That would translate into a 30 percent reduction as, based on the figures Gazprom officials have revealed, Greece gets its gas at a rate that is 30 percent higher than the EU average, and 40-50 percent more than what certain EU states pay.

DEPA officials say that talks which started in March will continue in Moscow next week and should be completed by the month’s end. Gazprom, however, does not recognize March as the start of negotiations, saying they started in June. At any rate, DEPA intends to resort to arbitration, as did Germany’s RWE, which won its case.