OREANDA-NEWS. November 30, 2010. The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Vladimir Semashko, First Deputy Prime Minister of the Republic of Belarus.

The parties summed up preliminary results of cooperation in 2010, addressing, in particular, gas supply and transit issues as well as the performance of the joint gas transmission company Beltransgaz.

The parties considered work schedules for 2011. It was emphasized that the supply price would be determined according to a formula in full conformity with the existing contract.
Background

On December 31, 2006 Gazprom and Beltransgaz signed the Gas Supply and Transit Contract for 2007 through 2011. Among other things, the Contract set a price formula starting from January 1, 2008 (which is in line with the price formula for Russian gas deliveries to Europe) and discount rates to the market price for 2008 through 2010 (0.67, 0.8 and 0.9 respectively).

In May 2007 Gazprom and the State Property Committee of the Republic of Belarus signed the Purchase and Sale Agreement for a 50 per cent stake in Beltransgaz worth USD 2.5 billion payable in equal portions within four years. In 2010 the transaction was completed.