Gazprom acquires Beltransgaz in new deal

Russian natural gas company Gazprom announced it took control of Beltransgaz as part of a revised energy deal with Belarus. Gazprom had said a new contract for Belarus hinged on a deal that linked the terms to the acquisition of the remaining 50 percent stake in the country's energy company Beltransgaz. High-ranking delegates met at the Russian presidential palace to sign a deal covering the relationship between both sides through 2014. As part of the deal, Gazprom took 100 percent control over Beltransgaz for $2.5 billion. Gazprom under the terms of the deal would charge $164 per 1,000 cubic meters of natural gas starting in 2012. That's down from the $280 per 1,000 cubic meters paid this year and is less than half of what European consumers pay the natural gas company. From 2013, the price for natural gas will be based on inflation and various upstream activities, Gazprom said in a statement. Minsk is facing pressure from the European Union over its response to unrest following last year's presidential elections. The current deal expires Dec. 31.