OSLO, April 1 A revised deal for Norway's
Statoil to supply gas to Italy's Eni will
reflect the market situation better, while the volumes remain
unchanged, Statoil said on Tuesday.
Eni said on Monday it had signed an agreement with Statoil
over the renegotiation of long-term gas contracts.
"The details of the agreement are confidential, but the
volume remains the same as before - about 5 billion cubic metres
(bcm) of gas per year," Statoil spokesman Morten Eek said.
Europe's biggest gas suppliers, Statoil and Russia's Gazprom
, have come under pressure in recent years to cut
prices as European buyers seek relief from long-term deals that
are linked to more expensive oil prices.
"The revised agreement reflects the changing conditions in
the European gas market in recent years, typically characterized
by an increase in liberalization and less linkage to oil prices
and more towards other trade indexation in the different market
regions in the EU and Eastern Europe," Eek said.
In February, Eni said it had agreed to revise its long-term
gas supply contracts with Statoil and that it should boost the
Italian firm's operating profit this year by around 1 billion
euros ($1.4 billion).
The deal with Eni also means that an arbitration case that
Eni had initiated against Statoil was finished, Eek said.
In 2013, Statoil's total European gas sales, including
third-party gas, amounted to 84.1 billion cubic metres.
($1 = 0.7256 Euros)
(Reporting by Ole Petter Skonnord; writing by Nerijus
Adomaitis; editing by Jane Baird)