FX.co ★ Russia and Slovakia makes “contract of century”

Russia and Slovakia made the deal of the century. On December 5, Russia’s energy Minister Alexandr Novak and Slovakia’s Industry Minister Pavol Pavlis signed the long-term agreement on Russian oil supplies to Slovakia and oil transit to European countries. According to RIA Novosti, the contact is valid for 15 years since January 2015 until late 2029. The contract sets out automatic prolongation every five years in case the parties raise no objections. Following the contract terms, Slovakia will be supplied with about 6 million tons of oil annually via the Friendship pipeline. Plus nearly the same volume will be pumped through Slovakia transit to Western Europe.