Gazprom will not face additional pricing pressure from clients in Europe after an arbitration court decision forcing Gazprom to charge a key European customer, RWE , market prices for the gas it sells, the Russian company's CEO said on Friday.
European clients have lost billions of dollars in recent years due to a gap between Gazprom's prices, which are largely linked to costlier oil, and the spot markets for gas which guide the prices they can charge their own customers.
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But instead of moving to spot pricing as rivals such as Statoil have done, Gazprom has stuck to a strategy of granting outright cuts in oil-linked prices to give its clients breathing room.
"I will not disclose the commercial side of (the decision). It is the confidential part of our contract. We take a positive view of the court decision on the whole," Gazprom CEO Alexei Miller told a news conference after Gazprom's annual meeting.
(Reporting by Olesya Astakhova; Writing by Melissa Akin; Editing by Steve Gutterman)