Gazprom cuts price in Eni gas deal

|By:, SA News Editor

Eni (E +1.1%) and Gazprom (OGZPY +0.8%) agree to revise the terms by which the Russian company supplies gas, reducing the price Eni pays by changing the price indexation to bring it in line with market prices; the terms apply retroactively to the beginning of this year.

Eni is in the process of renegotiating all its long-term gas supply contracts and earlier this year reached an agreement with Statoil.