Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Gazprom Seeks to Fine-Tune Gas Prices for Its Neighbors

Gazprom said Thursday that it planned no major revisions of gas prices for its neighbors in 2008, in a move to help soothe fears over new disputes and supply disruptions to Europe.

"We are definitely not planning any major revisions, as all revisions have been done in the past. Now it is all about fine-tuning," Gazprom spokesman Sergei Kupriyanov said.

The comment follows a statement by Lithuania last week that Gazprom may sharply raise prices to $312 to $320 per 1,000 cubic meters from the current $190.

Kommersant reported Thursday that Ukraine and Belarus might also face big price hikes.

Both countries are important transit routes for Russian gas to Europe, and previous pricing disputes have led to supply disruptions as Gazprom accused Kiev and Minsk of siphoning off gas from transit pipelines.

Gazprom sold 101 billion cubic meters of gas to former Soviet states in 2006, earning some $6 billion.

It sold over 150 bcm in Europe, earning more than $37 billion, and has said its long-term goal is to bring prices in former Soviet states closer to European levels.

Kupriyanov said talk of big price hikes was exaggerated but declined to comment on specific pricing discussions.

"It all differs very much from country to country," he said.

He said volumes and prices for Belarus and Moldova were already fixed in term deals, signed last year or early this year.

"No additional talk is needed. There is a simple pricing formula, which depends on global prices. This has been agreed on by all sides," he said.