Gazprom adjusts gas prices for European companies

* Prices adjusted "in line with gas market development"

* Gazprom had already reduced price for clients in Europe

* Sinergie Italiane says price reduction "significant"

By Vladimir Soldatkin

MOSCOW, Jan 17 (Reuters) - Russian natural gas producer Gazprom said on Tuesday it had revised gas prices for several European companies as it seeks to keep its market share in face of weakening fuel demand due to economic difficulties in the region.

It said it has "adjusted" contracts with France's GDF Suez , German's Wingas, Slovakia's dominant gas provider SPP, Sinergie Italiane and Austria's EconGas.

Gazprom spokesmen declined to say that it was an outright price reduction for its clients, but a source close to talks between the Russian company and Sinergie Italiane said the prices have been revised down "significantly".

"Conditions have improved for Sinergie Italiane. The volumes have not been touched," the source said, declining to provide price details.

Gazprom and its exporting arm Gazpromexport have been engaged in prolonged talks about pricing with companies in Europe where Russia is responsible for around a quarter of gas imports.

The Russian company had already agreed to reduce prices or increase a spot price element, a cheaper alternative to its long-term contracts, for some consumers in Europe.

"...in the end of 2011-beginning 2012 Gazpromexport have reached and concluded agreements with some large European buyers, which foresee a certain adjustment to the Russian gas prices," Gazprom export head Alexander Medvedev said in a statement.

He added that the adjustments were made "to take into consideration development of the gas market in Europe and situation in economics and energy sphere of some European states."

Changes in long-term gas contracts may affect the profitability of energy companies that buy Russian gas to sell on to customers in western Europe or for use in power generation.

Some European gas supply companies are suffering from long-term gas deals with suppliers such as Gazprom or Statoil , which link their import rates to oil prices, while the supply firms are forced to sell gas to customers at lower retail prices linked to the freely traded spot market.

Last week, a source close to Gazprom told Reuters that in 2011 the average price for Russian gas in Europe stood at around $390 per 1,000 cubic metres comparing to $308 in 2010. Gazprom's shipped over 150 billion cubic metres to the European Union last year.

Sinergie Italiane, which groups together Italian energy companies Iren , Ascopiave, Blugas and some small unlisted energy companies from the northern Italian region of Lombardy, has a contract with Gazprom on annual supplies of just under 1.5 bcm of Russian gas until 2021.

Gazprom has been also involved in negotiation with neighbouring Ukraine, and new round of talks are expected later on Tuesday. (Reporting by Vladimir Soldatkin; additional reporting by Svetlana Kovalyova in Milan; Editing by Anthony Barker)