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Russia to keep gas price unchanged for Belarus in 2022


Russia, Belarus to agree on unified gas market by Dec. 2023

The countries also plan to combine oil, oil products markets

  • Author
  • Rosemary Griffin
  • Editor
  • Ankit Ajmera
  • Commodity
  • LNG Natural Gas

Russia will supply gas to Belarus at 2021 prices next year, President Vladimir Putin said Sept. 9, after a meeting with his Belarusian counterpart.

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Russia supplies gas to Belarus under price protocols lasting one calendar year, and usually signed in December.

Belarus has been able to secure a stable gas price from Russia, at a time when European gas prices continue to rise because of low storage levels and competition with LNG in Asia. The two countries remain key energy allies despite some recent disagreements over price.

"We will leave the price for Belarus for next year, 2022, unchanged. The price for Belarus is $128.5/1,000 cu m. If you don't know, I would like to inform you that the price on the European market is $650/1,000 cu m," Putin said at a joint press conference, according to a transcript posted on the Kremlin website.

S&P Global Platts assessed the TTF day-ahead contract up Eur1.45/MWh on the day at Eur56.15/MWh (140.54 pence/therm, $19.45/MMBtu), Sept. 9, while the balance-of-month contract closed up Eur1.30/MWh on the day at Eur56.275/MWh.

Putin did not specify the volume of gas Russia would supply to Belarus in 2022 but said its price would not be indexed to the Russian ruble or the dollar.

Russia and Belarus also plan to sign a deal to create a unified gas market by Dec .1, 2023, Putin said.

"There is a plan to conclude an agreement on the unification of oil and oil products markets, as well as an agreement on an integrated power market," Putin said.