Gazprom and Moldovagaz have extended the existing gas supply and transit contracts until the end of the second quarter of 2012.

Background

Gazprom and Moldovagaz signed the 2007–2011 gas supply contract in December 2006. Pursuant to the document, between 2008 and 2011 the price was calculated under the formula based on market principles, while the discount rates were used in determining the price between 2008 and 2010.

Gazprom and Moldovagaz annually enter into contracts outlining the terms and conditions for natural gas transit across Moldova.

On December 29, 2011 Gazprom and Moldovagaz extended the gas supply and transit contracts until the end of the first quarter of 2012.

Moldovagaz was established in 1999. Its ownership interest structure is as follows: Gazprom – 50 per cent, Government of the Republic of Moldova – 35.33 per cent, Cabinet of Ministers of Transnistria – 13.44 per cent and minority shareholders – 1.23 per cent.