RWE plans to start renegotiation of Russia gas price in June-July

MOSCOW, Mar 10 (PRIME) -- Germany’s RWE will start negotiations with Russian gas giant Gazprom to revise conditions of a supply contract in June or July, the company said in a report Tuesday.

The company is taking measures to curb the negative impact of the unprofitable deal with Gazprom on its earnings before the next price revision slated for mid-2016, it said.

RWE hopes to find a long-term solution which would guarantee profitable gas prices even after the current deal with Russia expires, it said.

Last time, RWE and Gazprom renegotiated the deal in February 2014. Before that, in arbitration court in Vienna ordered Gazprom to repay 1.5 billion euros worth of advance payments and to change the price for RWE retroactively.

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