October 11, 2007 / 5:06 AM / in 12 years

Gazprom signs term gas deal with Czech Vemex

MOSCOW, Oct 11 (Reuters) - Russia’s gas export monopoly Gazprom (GAZP.MM) signed a long term gas delivery deal with its Czech arm, Vemex, saying the contract became possible after the Czech Republic liberalised its market from the start of 2007.

The deal for 2008-2012 was signed to annually deliver up to 500 million cubic metres of gas, Gazprom said in a statement late on Wednesday. The deal can be extended by another 5 years.

Gazprom supplies the Czech Republic with the bulk of its gas needs, but most supplies usually go via the former monopoly RWE Transgas.

Gazprom said it had first entered a short-term supply agreement with Vemex in March 2006 and since then the firm has sold 2 billion kilowatt hours or 186 million cubic metres of gas.

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