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Gazprom Says ‘No Major Increase’ in Sales at Spot Rates in 2011

Friday, 27 January 2012 | 12:47
OAO Gazprom (GAZP)’s share of natural gas supplied to Europe at prices linked to the spot market showed little increase last year even after European customers sought fuel at the cheaper rate.
“There was no major increase,” Sergei Komlev, head of pricing at the company’s export division, told reporters at the Energy Exchange’s European Gas Conference 2012 in Vienna. “Results for the year were not finalized but there were no major changes.”
Gazprom supplied 7 percent of its total gas exports to Europe at spot rates in 2010 after revising contracts with some customers, the Russian gas exporter said in a bond prospectus in November. The company, which indexes its prices to oil with a lag of as long as nine months, agreed to give greater weight to gas prices at European hubs to some clients in 2010.
The gas producer didn’t change the extent that spot prices affect its tariffs when it adjusted contracts with five customers at the end of last year and beginning of 2012, two officials at the export unit said last week.
Source: Bloomberg
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