17:43 30.10.2021

Moldova, Gazprom sign 5-year gas supply contract

2 min read
Moldova, Gazprom sign 5-year gas supply contract

Moldova and Gazprom have concluded a five-year gas delivery contract and approved a price formula proposed by Moldova, the Moldovan government told Interfax.

"Negotiations between a Moldovan delegation and Gazprom have wound up in St. Petersburg. The parties have reached a general agreement on a price formula, on an audit of the debt incurred by the Moldovagaz company, and on the need for further negotiations to draft a payment schedule," a government official aware of details of the negotiations said.

"The previous contract between Gazprom and Moldovagaz will be extended for five years based on a price formula proposed by the Moldovan side," the official said.

This means that the price will be reviewed every quarter based on the prices for oil and gas over the previous nine months. No details of the contract have been specified for the time being.

Gazprom said in its statement that the contract has been signed "on mutually beneficial terms."

Gazprom also announced the signing of "a protocol for settling routine issues in the gas sector."

The latest round of negotiations between Moldovan Deputy Prime Minister Andrei Spinu, Moldovagaz Chairman Vadim Ceban, and Gazprom Chairman Alexei Miller has continued for three days, from October 27 to 29.

Gas will start being supplied to Moldova under the new contract on November 1. The previous contract expired on September 30.

Moldova received gas in October under a short-term contract at $790,000 per 1,000 cubic meters.

Gazprom shipped 3.05 billion cubic meters (bcm) of gas to Moldova in 2020, which is 5.5% more than in 2019 (2.89 bcm).

Moldovagaz is a Moldovan-Russian joint stock company founded by Gazprom, the Moldovan government, and the Transdniestrian Industry Ministry.

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