BUSINESS IN SHORT

SPP signs new contract with Gazprom

GAS utility Slovenský Plynárenský Priemysel (SPP) has signed a 20-year contract for natural gas supply with the Russian company Gazprom. The Russian gas major also sealed a contract with SPP’s wholly-owned subsidiary Eustream, the SITA newswire reported on November 21.

GAS utility Slovenský Plynárenský Priemysel (SPP) has signed a 20-year contract for natural gas supply with the Russian company Gazprom. The Russian gas major also sealed a contract with SPP’s wholly-owned subsidiary Eustream, the SITA newswire reported on November 21.

Based on these contracts, SPP will purchase around 130 billion cubic metres of natural gas by 2028 and Eustream will transport approximately 1 trillion cubic metres of natural gas. The contracts come into effect on January 1, 2009.

Gazprom Export director general Alexander Medvedev said he was pleased to announce that the long-running talks between the SPP group and Gazprom Export were successfully concluded.

“This is an important milestone for both partners and we believe was have reached a satisfactory business compromise,” he said. According to Medvedev, the conclusion of a new 20-year transport contract will increase the EU’s energy security and guarantee a stable supply of Russian gas to Europe. The agreement was reached after more than two years of negotiations.

Head of SPP’s board of directors, Bernd Wagner, said that the agreement secures stability for the company and reliable and competitive gas supplies to Slovakia after 2008.


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