The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Sergey Rumas, Deputy Prime Minister of the Republic of Belarus.

The parties are finishing coordination of the contract provisions stipulating Russian gas supplies and transmission via Belarus as well as the increase of Gazprom’s share in Beltransgaz to 100 per cent.

The meeting participants noted that the documents would be ready for signing in November.

Background

On December 31, 2006 Gazprom and Beltransgaz signed the gas supply and transit contract for 2007–2011. In particular, starting from January 1, 2008 the contract set forth the price formula (corresponding to the price formula for Russian gas supplies to Europe) and the discount rates for the price between 2008 and 2010 (0.67, 0.8 and 0.9 respectively).

In August 2011 Vladimir Putin, Prime Minister of the Russian Federation tasked the Russian Energy Ministry and Gazprom to determine the discount rate for the price of gas to be supplied to Belarus starting from 2012.

Gazprom holds a 50 per cent stake in Beltransgaz.