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Gazprom and E.On agree oil-link contract change

German utility drops arbitration claim against Russian exporter

Gazprom agreed long-term gas contract changes with E.On on 3 July, settling a long-running dispute over oil-linked supply deals which, the German utility claimed, had caused it to incur losses.The renegotiated contracts will be retroactively applied to gas sales made from the fourth quarter of 2010. The settlement is expected to boost E.On’s half-yearly earnings by €1 billion ($1.26bn). For its part, the German firm has withdrawn an arbitration claim against Gazprom.“With the successful completion of the talks with Gazprom, E.On has now successfully renegotiated the pricing conditions of all of its currently oil-indexed volumes under its long-term gas supply contracts,” E.On said."This marks

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