OREANDA-NEWS. September 1, 2011. 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.

 Under the agreements reached in July, the parties resumed the negotiations on terms and conditions of Russian gas supplies and transit with due consideration of Russia and Belarus entering into the Common Economic Space since 2012. Parameters of the new contract will be interlinked with fixing the issues of purchasing a 50 per cent stake in Beltransgaz.

 It is projected to finish the negotiations and sign the new contract for gas supply and transit in early December 2011.
Background

 On December 31, 2006 Gazprom and Beltransgaz signed the gas supply and transit contract for 2007–2011. In particular, starting from January 1, 2008 the contract set forth the price formula (corresponding to the price formula for Russian gas supplies to Europe) and the discount rates for the price between 2008 and 2010 (0.67, 0.8 and 0.9 respectively).

 In August 2011 Vladimir Putin, Prime Minister of the Russian Federation tasked the Russian Energy Ministry and Gazprom to determine the amount of a discount rate for the gas price in Belarus since 2012.

 Gazprom currently holds a 50 per cent stake in Beltransgaz.