OREANDA-NEWS. During a meeting between Gazprom CEO Alexey Miller and Eni CEO Paolo Scaroni, held today on the sidelines of the International Economic Forum in St. Petersburg, Eni and Gazprom reached an agreement for the reduction of Russian gas supply prices for 2013.

The two companies have also committed to complete renegotiations on prices and volumes of gas supplies for 2014 and beyond by the end of 2013.

The parties also discussed the progress of the South Stream project, confirming the aim of starting-up the pipeline's construction by the second quarter of 2014 and first gas by 2015.

The economic and trade relations between Eni and Russia date back to the early fifties. Eni entered the upstream segment of the country in 2007 and today it currently produces 15,000 barrels of oil equivalent per day from the Samburskoye field in Western Siberia.