Belarus, Russia Discussing Gas Pricing Formula

Belarus, Russia Discussing  Gas Pricing FormulaBelarus, Russia Discussing  Gas Pricing Formula

Russia and Belarus are discussing a possible change to the pricing formula for Russian gas, but have so far failed to come to an agreement, RIA news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday. "They want a revision of the formula which is set out in the existing agreement, taking into account that the situation in oil markets has seriously changed prices for gas in the whole world," Novak was quoted as telling reporters, Reuters reported. "This theme has been discussed. So far we can't find any decision," Novak added. Belarus is a transit route for Russian gas exports, handling about 45 billion cubic meters of Russian gas flows to the European Union a year. The price formula in exporter Gazprom's contracts takes into account global oil prices, which recently hit 12-year lows. Novak was also quoted as saying that Moscow, which has a longstanding gas dispute with another major transit country, Ukraine, saw no need for a trilateral meeting with Ukraine and the European Commission on gas.