OREANDA-NEWS. November 28, 2007. A Gazprom delegation chaired by Alexey Miller, Chairman of the Gazprom Management Committee paid a visit to the Republic of Turkmenistan. Within the visit Alexey Miller met with Gurbanguly Berdymukhammedov, President of the Republic of Turkmenistan and Tachberdy Tagyev, Deputy Prime Minister of the Republic of Turkmenistan.

Within the visit, the parties signed a Supplementary Contract on natural gas supply from Turkmenistan, which sets the price for gas at US$ 130 in the first half of 2008, US$ 150 in the second half of 2008, and starting from January 1, 2009 the price for gas will be set according to the price formula based on the market principles.

The parties mentioned that the existing agreement considered the gas pricing behavior, significant price increase for gas, as well as for materials and services utilized in the gas industry of Turkmenistan.

Alexey Miller envisaged that “price formula will be enacted in 2009 and will be used as a price for gas within the long-term contract through 2028”.

The meeting also discussed the progress with execution of the Precaspian project. The parties agreed to apply best efforts to execute the project in the earliest possible date.