Mosenergo Saves on Gas Supplies By Dumping Gazprom

January 11, 2013

At an extraordinary shareholder meeting, shareholders in NOVATEK approved a deal to deliver 27.15bn cubic meters of gas to MoscEnergo, wchih is controlled by Gazprom. According to NOVATEK documents, the deal is worth under 127.5bn roubles, while MosEnergo's previous contract with Gazprom was worth 131bn roubles.

Kommersant reports that by waking away from gas from its mother company, MosEnergo will get a 3% discount, saving it 3.5bn roubles in 2015.

Gazprom used to be MosEnergo's sole supplier of gas. From 2013-2015, MosEnergo plans to purchase 40bn cubic meters of gas from Gazprom, leaving 40% to NOVATEK.

Analysts say that Gazprom has been continuing to lose its Russian clients because of the high mineral tax rate and low prices on the domestic market.

A significant portion of these clients are being picked up by NOVATEK.