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Gas Price Gap Narrowing

Gazprom said it may find a solution to its dispute with German customers seeking to lower fuel prices as the gap between its long-term contracts and European forwards narrow.

Some of Gazprom's contracts are at about $500 per 1,000 cubic meters while forward prices have climbed to more than $400, deputy chief executive Alexander Medvedev said Tuesday in Lubmin, Germany. "This fact is a good basis to find a solution with our German friends," Medvedev said.

Gazprom has forecast its gas price under long-term contracts in Europe to average $400 per 1,000 cubic meters this year, compared with $306 last year.

(Bloomberg)

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