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Russia grants Serbia «incredible» gas price

Russia has assured Serbia it will continue paying $270/1000 m3 for its gas for the next 6 months

Russia grants Serbia «incredible» gas price


Sochi, November 26 - Neftegaz.RU. Serbia will continue paying a «favourable» price of only $270/1000 m3 for Russian gas over the next 6 months, Serbian president Aleksandar Vucic said after meeting with his Russian counterpart Vladimir Putin in Sochi on November 25, NGW reported.

According to Radio Television of Serbia, Vucic said that Putin had «shown friendship towards Serbia», following a meeting where the renewal of Serbia's gas supply contract due to expire at the end of the year was discussed.
Vucic said:
  • We managed to get ... for the next 6 months a gas price of an incredible $270, so that our price does not change
  • we also got an increase in the amount of gas in those 6 months and we got flexibility [in monthly delivery], for which I especially begged Putin
Fitch Ratings estimates that Gazprom will sell its gas on average for $295/1000 m3 in countries outside the former Soviet Union this year.
European spot prices are much higher, with the TTF December contract currently trading at around €89/MWh, or $1,070/1000 m3.

Serbia gets all its gas from Russia save for a modest amount it produces domestically.
Russia's TASS news agency recently reported that Vucic was seeking to secure 3 billion m3/year of Russian supply over the next 10 years.

According to a meeting transcript published on the Kremlin's website, Putin told Vucic that the 2 sides would come to an agreement that was «acceptable to our Serbian friends».
He said that Serbian prime minister Ana Brnabic was expected in Moscow for talks in December.

To read the news in Russian

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