Interfax reported that generating company OJSC OGK-1 and independent gas producer OJSC NOVATEK have agreed the terms for gas supply to another genco Urengoi State District Power Plant (GRES).

OGK-1 said that on November 30 company shareholders approved a contract for NOVATEK to supply gas in the period 2012-2015 in amounts additional to those specified in an earlier contract.

The terms of the new deal stipulate that NOVATEK will provide Urengoi GRES with not more than 2.53 billion cubic meters to the year 2015, inclusive. The price, as with other contracts between the two companies, cannot exceed the minimum established by the Federal Tariff Service for the region. The total cost of gas for Urengoi GRES will not be more than RUB 7.46 billion as per the approved contract.

With the new agreement, the volume of NOVATEK gas to be supplied to OGK-1 increases to not more than 62.29 billion cubic meters and the cost limit to RUB 245.52 billion.

(Sourced from Interfax)