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Economy

Greece’s Public Gas Company Signs Supply Deal with Gazprom

Further consolidating business ties between the countries, Greece’s DEPA Commercial signed a long-term gas supply deal with Russia’s Gazprom at more favorable terms as enery prices are soaring.

The contract, which ends in 2026, follows months of negotiation with Gazprom and DEPA said included “very competitive pricing” compared to current European gas prices from 2022 onwards but gave no details, reported the Reuters news agency.

An official who wasn’t named but said to have knowledge of the deal said it stipulated that the gas price for DEPA is indexed to the benchmark Dutch TTF price by 80percent, while the rest will indexed to the oil price for 2022.

Gazprom will continue to supply DEPA with two billion cubic metere (bcm) of gas per year, the official added, as Russia continues to be a dominant supplier of energy to the European Union which has become more reliant on Russian supplies.

 

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