Italian consortium signs 10-year gas contract with Gazprom

Italian utility Ascopiave said that a consortium in which it has a stake has signed a deal with Gazprom to receive natural gas supplies from the Russian company for the next 10 years.
Ascopiave said the consortium, called Sinergie Italiane, will buy from Gazprom 1 bn cm of gas a year for the first three years. The supply will drop to 500 mm cm annually for the remaining seven years, it added.

Sinergie Italiane is made up of some local Italian utilities, including ENI, that decided to join forces to secure better gas deals and boost efficiency.
Sinergie Italiane, which is run by Ascopiave, estimates it will need 5 bn cm of gas a year when it is fully operational, while the forecast for 2009-10 is for demand to be more than 4 bn cm.