ENGIE and Gazprom Export agree on the price revision of their long-term gas contracts
ENGIE and Gazprom Export have reached an agreement to adapt the price of long-term gas supply contracts.
ENGIE is indeed in continuous discussion with all its suppliers and regularly uses this type of negotiations which are part of its contracts.
The agreement reached with Gazprom Export illustrates the quality of the commercial relationship which has always prevailed between both groups since the signing in 1975 of the first natural gas supply contract between Gaz de France and Sojuzneftegazexport, more than 40 years ago.
In 2016, ENGIE’s supply contracts with Gazprom Export represent about 22% of the Group’s long-term supplies in Europe.
“ENGIE and Gazprom have once again demonstrated the possibility to find a commercial solution for the price revision of their long-term supply contracts, proving the quality of the relationship between the two parties”, said Pierre Chareyre, Executive Vice-President of ENGIE. “With this agreement, ENGIE has de-risked its long-term supply contracts for the next years by adjusting their pricing to market conditions”, Chareyre added.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation, and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of €69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20).