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Engie and Statoil agree renegotiation of gas supply contracts

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LNG Industry,

Engie has announced that it has reached an agreement with Statoil on the renegotiation of their long-term gas supply contracts.

Under the new agreement, contract prices have become fully market reflective and are now indexed on the French PEG hub. This year, Engie’s gas supply contracts with Statoil represent a total volume of 7.5 billion m3/yr, i.e. approximately 20% of the Group's portfolio of long-term gas contracts that can supply France.

Édouard Neviaski, CEO of Engie's Global Energy Management Business Unit, said: “Engie and Statoil have demonstrated the possibility to find a commercial solution to modernise historical long-term contracts and to adapt them to today’s market environment. This renegotiation proves the quality of the relationship between our two companies […] With this agreement, Engie has de-risked its long-term supply contracts by adjusting their pricing to market conditions.”

In April 2016, Engie and Gazprom Export also reached an agreement to adapt the price of long-term gas supply contracts.

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