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Italy's Eni signs deal with Gazprom to cut gas prices

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(Globalpost/GlobalPost)

Italian energy major ENI on Friday said it had signed a deal with Russian gas giant Gazprom that will cut gas import prices as part of a revision of its contract.

"The agreement involves a reduction in supply prices and an important change in the price indexation to fully align it with the market," ENI said in a statement.

It said the deal, which was signed in Russia by Gazprom chief executive Alexei Miller and ENI boss Claudio Descalzi, would apply retroactively from the start of 2014.

ENI did not specify what the new price of gas would be.

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http://www.globalpost.com/dispatch/news/afp/140523/italys-eni-signs-deal-gazprom-cut-gas-prices-0