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GDF Suez in Gazprom contract talks

GDF Suez is renegotiating long-term, oil-linked contracts with Gazprom and could take the Russian monopoly to arbitration, chief executive officer Gerard Mestrallet said on Thursday

France’s GDF Suez is the largest gas buyer in Europe and has a gas portfolio of over 110 billion cubic metres (cm). Most of the gas is bought under oil-linked contracts, which have soared in line with crude prices, while hub gas prices remain flat in comparison. Arbitration an option GDF Suez confirmed it was renegotiating 2012 contracts with Norwegian and Dutch suppliers, as well as Russia, and did not rule out seeking arbitration in similar moves to German utilities E.On and RWE. “We have not decided to move to arbitration. Talks with Gazprom are, so far, constructive and we hope to reach an agreement without arbitration. But if we can’t find an agreement, we don’t exclude any options,”

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