“Gazprom” has cancelled the penalty for Greek DEPA for unselected volumes of gas

“Gazprom” has cancelled the penalty for Greek DEPA for unselected volumes of gas

The Russian company agreed to delete DEPA for the clause “take or pay” in 2015, thereby annulling the penalty in the amount of approximately $ 5 million.

ATHENS, 2 Mar. Gennady Melnik. Greek gas company DEPA has reported that Russian “Gazprom export” have completely eliminated an action clause “take or pay” in 2015.

In accordance with the clause take-or-pay (take or pay), the purchaser will pay a penalty if he doesn’t pick contractual volumes of gas. Under this condition DEPA would have to pay about $ 5 million fines for 2015.

“After lengthy negotiations with DEPA “Gazprom export”, the Russian company agreed to complete the deletion of the clause “take or pay” in 2015, due to reduced volumes due to lower demand for natural gas from customers DEPA”, — stated in the message of the company.

In January “Gazprom export” more than twice reduced the penalty for DEPA unselected in the 2014 volumes of gas — up to 36 million instead of $ 82 million.

In recent years, gas consumption in Greece fell due to the economic crisis. In 2014, the price of Russian gas to Greece have been reduced by 15%. Were also reduced contractual supply volumes, however, Greece still are unable to choose them due to the crisis and decline of production. In this regard, to take or pay terms Greece must pay a fine.

In 2014, Greece has reduced selection of the Russian gas to 1.8 billion cubic meters to 2.7 billion cubic meters in 2013. Athens repeatedly appealed to “Gazprom” to reduce gas prices and contractual volumes under take or pay terms.