Russia's Gazprom ready to negotiate lower prices for European clients

The world's largest gas export monopoly, Russia's Gazprom, said on Monday it was ready to cut prices on its long-term contracts to Europe as the volume of paid for but undelivered gas mounted, Gazprom said on Monday.
Gazprom, which supplies Europe with a quarter of its energy needs, has come under fire from customers who started buying gas on the spot market where prices are lower than on long-term contracts preferred by Gazprom. Gazprom had to relent as the international financial crisis cut demand.
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Source: RIA Novosti