Gazprom converts the market to its way

Gazprom, which had to reduce prices in its contracts with European customers in recent years, has brought them to the spot quotations of gas hubs and has converted this approach to its own way for the first time. In 2013, spot prices rose above the prices, prescribed in Gazprom’s long-term contracts, and now the monopoly wants to increase the contract prices, starting with its largest buyer - German E.ON, the Kommersant writes.

Gazprom has applied to Germany's E.ON with a requirement to reconsider prices on their long-term contract because of the change in market conditions, deputy chairman of the monopoly, Alexander Medvedev said on Friday. "We have counter-claims with E.ON: we want to increase the prices, and they – to reduce them," - he said, recalled that in 2012 Gazprom revised the terms of the contract in favour of E.ON, "so it's time to increase". He noted that the possibility of revising contracts with other consumers hasn’t yet begun – most of them provide for such opportunity only in two years after the last revision.