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Europe will pay more: Russian gas giant

Gazprom has revealed it will increase gas prices in Europe next year, as part of a long-standing market formula. The average gas price will be $300 per 1,000 cubic metres.

Gazprom's press-secretary Sergey Kuprianov explained the pricing formula it uses and how gas is supplied to Europe.

“We work in foreign markets on the basis of contracts which have been signed long ago and contain a price formula. It is not a question of equal profit but rather in price completion between gas and alternative types of fuel on the market. Price formulas are based on this and that is how we supply gas to European countries,” said Sergey Kuprianov, press-secretary of Gazprom.

“In regards to the CIS, we concluded contracts with Belarus and Moldova last year. Negotiations with Ukraine are currently underway, but an agreement has yet to be reached.”