Interfax reported that OJSC Novatek plans to provide gas to North-West CHP OJSC Inter RAO UES at regulated prices in 2010 to 2015.

Inter RAO shareholders will vote on the deal with Novatek at an extraordinary meeting on December 7th. With the removal of state regulation of gas prices the cost of supply will be set through negotiations. The plant will receive between 1.255 billion cubic meters and 1.325 billion cubic meters of gas per year.

NOVATEK does not currently supply gas to the Leningrad region, where the power plant is located. It plans to supply Inter RAO with 7.7 billion cubic meters of gas for a total of RUB 23.3 billion over a period of six years. It also plans to supply up to 57 billion cubic meters of gas for RUB 154 billion over six years gas to the OGK-1 generating company which is run by Inter RAO from 2010.

(Sourced from Interfax)