14 Nov 2012 20:14

Gazprom shows $1.6 bln advance from Eni per take-or-pay

MOSCOW. Nov 14 (Interfax) - Russian gas giant Gazprom owed Italian energy company Eni 51.048 billion rubles ($165 billion) at the end of September, the Russian company said in its quarterly report.

The 'creditor' in relation to Eni 'emerged' in the report incidentally: at the end of the third quarter the overall size of Gazprom's accounts payable decreased so much that the debt to Eni exceeded 10% of overall.

Eni has for several years in a row not taken the minimum contracted amount of gas under contracts with Gazprom. The contract's take-or-pay provision means the buyer paying an advance in relation to untaken amounts. Those volumes can be received by the buyer during several years under terms that have it taken under current contracts.