Greece's DEPA pens new gas deal with Gazprom
Greek gas utility DEPA Commercial has signed a new gas supply deal with Russia's Gazprom, covering deliveries up until 2026, it said on January 4.
DEPA Commercial said the agreement followed months of talks with Gazprom, and provided favourable terms, including "very competitive pricing" compared with European gas prices from 2022 onwards. Greece's energy minister Kostas Skrekas said the contract would help shield Greek households from the ongoing energy crisis in Europe, which has caused spot gas prices to rise to record heights in recent months.
DEPA Commercial did not disclose any other details of the contract. But Reuters reported the gas price under the agreement would be 80% indexed to the Dutch TTF hub and 20% indexed to oil prices in 2022.
Under the deal, DEPA Commercial will continue receiving 2bn m3/year from Gazprom, according to Reuters. Gazprom also sells gas to Greek companies Prometheus Gas and Mytilineos, with its overall supplies to the country reaching a record 3bn m3 in the first 11 months of 2021.
DEPA Commercial manages wholesale and retail gas operations in Greece and was spun off from the rest of the country's state-owned gas industry in 2019. The government has been trying since then to privatise the company, but is yet to secure investors.