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SPP and Gazprom clinch agreement

THE SLOVAK and Russian gas companies, Slovenský Plynárenský Priemysel (SPP) and Gazprom Export LLC, reached an agreement over gas prices on March 28, but details of the contract remain concealed.

THE SLOVAK and Russian gas companies, Slovenský Plynárenský Priemysel (SPP) and Gazprom Export LLC, reached an agreement over gas prices on March 28, but details of the contract remain concealed.

SPP informed in its press release that the agreement is related to the adjustment of the purchase price and the adjustment of the contract parameters of the long-term natural gas purchase contract in order to reflect, to a greater extent, the current development of natural gas markets. The new arrangements reflect a sustainable partnership and commitment of both partners to the security and stability of gas supplies for all customers of SPP. This agreement therefore represents a move towards a more competitive position of SPP having a positive impact on its financial performance, SPP said in a statement.

Negotiating new conditions with Gazprom was one of the basic conditions for the takeover of the 100-percent stake of the SPP parent company by the state, the SITA newswire wrote. The government has agreed with the minority owner of SPP, the company Energetický a Průmyslový Holding (EPH) that it will take over its 49-percent share in the company and thus will de facto control retail gas pricing in the biggest Slovak gas supplier.

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