Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
gas supply contract
Economy

Gazprom and Greek company Mytilineos signed a gas supply contract

23.03.2021
2 min read

New gas supply contract: what are the terms and conditions of the contract between the countries?

Gazprom Corporation is increasing its exports to European countries. The other day it signed a contract for gas supply to Greece. The Russian producer signed a long-term cooperation contract with Mytilineos S.A., which is to last until 2030.
According to Gazprom representatives, this document proves once again that Europe sees Russia as a partner and needs its raw materials. The parties to the agreement are sure that the new agreement will strengthen economic ties between the two countries.
Thanks to the contract with the supplier, Mytilineos will be able to strengthen its position in the Greek market and attract new customers from the industrial sector.
It should be noted that this contract is not the first cooperation between the partners. For the first time Gazprom and Mytilineos entered into a gas supply contract in 2017, but the agreements were on short-term conditions. Last year about 588 million cubic meters of Russian fuel was exported. This year the parties decided to continue the cooperation, but on long-term conditions.
Mytilineos is one of the largest industrial concerns, it holds leading positions in such spheres as metallurgy, construction, and the electric power industry. Besides, the company is engaged in electricity and gas trading. The volume of its revenues is about 2.3 billion euros. Mytilineos has branches in other countries and employs 3380 people in total.
Some time ago Mytilineos and Gazprom were considered competitors. The companies took part in a competition for the possibility of privatizing DEPA, a gas distribution company based in Greece. However, Gazprom withdrew the bid, and the tender itself was difficult and ended in a scandal.

gas supply contract

Gas supplies from Russia to Greece started back in 1996 under a contract signed with the USSR in 1988. According to the new document, the volume of sold fuel was to be 3 billion cubic meters annually, such conditions were in force until 2016, and in 2014 the contract was extended until 2026. Last year, Russian gas exports to Greece decreased by almost 27% compared to 2018.
It should be noted that a significant increase in supplies would help the Turkish Stream pipeline, if the route through Greece and Italy was chosen for it. However, its network was laid through Bulgaria and Serbia, and then it went to Austria through Hungary.
In addition to gas from Russia, Greece buys LNG, and a large share of imports is owned by producers from Algeria. As raw material prices are falling, the government plans to increase supplies to reduce coal consumption. As in many European countries, Greece refuses to use solid fuel because of the huge amount of emissions into the atmosphere when using it.

Tags: Economic
0
Previous Post OneWeb is saved from bankruptcy: it was acquired by the British government Next Post Swing trading: essence of the strategy and its benefits

You Might Also Like

economic bottom
Economy
Latin America faces an economic bottom: analysts’ forecasts
07.05.2021
household debt
Economy
US household debt increases: FRB reporting results
14.09.2020
Chinese authorities
Economy
The Chinese authorities have introduced a number of measures to support the economy
28.12.2020
Federal Reserve System
Economy
Why the Federal Reserve System (FRS) refused to raise interest rates
06.06.2020
revise the legislation
Economy
South Korea plans to revise legislation to improve relations with DPRK
13.03.2021
collapse of the US economy
Economy
The collapse of the US economy is inevitable: expert opinion
08.11.2020

Recent Posts

  • 1Noventiq
    Noventiq plans to float on the Nasdaq exchange
    29.05.2023
  • 2AI impact on transformation of the economy
    Is the world facing an imminent economic transformation?
    28.05.2023
  • 3Siemens digital bond
    Siemens digital bond: industrial giant offers to invest in blockchain-based securities
    27.05.2023
  • 4credit rating
    The Fitch agency left Latvia’s credit rating unchanged
    26.05.2023
  • 5Ernest Rady
    Ernest Rady: talented financier and successful businessman
    25.05.2023

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Russia’s sugar industry is in crisis: causes and solutions

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Latest Posts

Noventiq
Noventiq plans to float on the Nasdaq exchange
29.05.2023
AI impact on transformation of the economy
Is the world facing an imminent economic transformation?
28.05.2023
Siemens digital bond
Siemens digital bond: industrial giant offers to invest in blockchain-based securities
27.05.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Russia’s sugar industry is in crisis: causes and solutions
  • Lithuania announced Eurobonds placement to stabilize economy
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics