Greek gas supplier DEPA Commercial has reportedly negotiated an out-of-court settlement with Gazprom over a gas pricing dispute, according to a report by Reuters.
DEPA Commercial has not disclosed the details of the settlement.
In January 2022, the company entered a contract with Gazprom to receive two billion cubic metres (bcm) of gas annually through 2026.
The deal’s pricing structure included 80% of gas linked to the Dutch TTF benchmark price, with the remaining 20% tied to oil prices.
However, DEPA Commercial faced challenges in selling its gas amid soaring European gas prices in 2022, following Russia’s invasion of Ukraine and a subsequent decline in Russian pipeline deliveries.
The company was unable to take delivery of its minimum annual amounts, as stipulated by the take-or-pay contract terms, which required payment for gas regardless of delivery.
Last year, DEPA initiated arbitration to retroactively reduce the gas price in its contract and seek an exemption from future payments amounting to hundreds of millions of dollars.
The company stated: “DEPA Commercial has reached an out-of-court agreement with Gazprom Export, resolving the dispute amicably.”
