OGZPY - Eni Gazprom to revise terms of gas supply contracts

Eni (NYSE:E) and Gazprom (OTCPK:OGZPY) say they signed an agreement to revise the terms of existing long-term gas supply contracts and drop arbitration proceedings, without providing financial details. Gazprom has three long-term Russian gas supply deals with Eni, but it had initiated arbitration against the company over deal terms last year. Separately, Eni reported better than expected Q3 earnings, with analysts highlighting strong cash flow. Eni should be able to cover its reinstated dividends with free cash flow, Daniel Thurecht writes in a bullish analysis posted on Seeking Alpha.

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Eni, Gazprom to revise terms of gas supply contracts