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UPDATE 1-E.ON CEO says adjusted gas contracts with Statoil
March 14, 2012 / 10:23 AM / 6 years ago

UPDATE 1-E.ON CEO says adjusted gas contracts with Statoil

(Adds CEO quote, input from Norway)

DUESSELDORF, Germany - March 14 - E.ON said on Wednesday it had managed to renegotiate gas purchasing contracts with Norway’s Statoil, responsible for 25 percent of gas supply, to a level bound to reduce its loss position.

“We have managed to agree with one of our biggest suppliers, Norway’s Statoil, to develop further our long-term partnership for Norwegian gas in a way that adjusts the conditions to the current German and European market situation,” CEO Johannes Teyssen said during the company’s annual press conference.

“We are satisfied with the agreement reached,” said a Statoil spokesman in Norway but added he could not comment on the specifics of contracts.

E.ON posted losses of 700 million euros ($918 million) in gas trading last year due to a margin squeeze, which arises from high pipeline gas prices charged by producers while consumers in Europe reference prices to cheaper spot gas which results from a worldwide supply glut. ($1 = 0.7628 euros) (Reporting by Chris Steitz, Vera Eckert, Viktoria Klesty)

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