Gazprom to cut gas prices

MOSCOW

Russia’s Gazprom is expected to cut long-term contract prices of natural gas to Europe – including Turkey – in 2013, bowing to pressures from customers demanding a reduction in its gas charges.

The price of gas will decrease from over $415 to around $370 per 1,000 cubic meters. The company will try to compensate its losses by selling more gas, according to reports. A company source said gas exports to Europe are expected to increase to 152 billion cubic meters (bcm) next year from just over 140 bcm in 2012, which registered below forecasts due to sluggish demand.