11/22/08

International Relationships

Ukraine and Russia Negotiating New Agreements on Gas Supply

By Katya Shtamburg, Nova Mova staff writer, from Internet sources.

The national oil and gas companies of Ukraine and Russia are continuing to negotiate a new agreement for Russia to supply gas to Ukraine, following up on the basic agreements reached earlier in the fall by the prime ministers of the two countries.  On November 11, the heads of Naftogaz, Ukraine’s national oil and gas company, and Gazprom, its Russian counterpart, met in Moscow to discuss details regarding pricing and establishment of a long-term contract until 2019.

Oleg Dubrina, head of Naftogaz, and Alexei Miller, CEO of Gazprom, agreed that Russia will supply 55 billion cubic meters of natural gas to Ukraine in 2009.  This is consistent with the volume that Ukraine has imported annually over the past few years.

The two company heads also reported considerable progress on the long-term contract as well as for a deal regarding transport of gas through Ukraine to Europe.  Miller said that they have reached a mutual understanding regarding pricing for 2009 and that they expect to conclude talks in the near future.

Dubina said that he hoped a pricing formula based on the price of natural gas in Europe would not be used in the next three years to market prices. However, the prices for natural gas for Ukraine in 2009 and the following years have not yet been fully agreed. Kyiv hopes that the price will be around $250 per 1,000 cubic meters next year. This year, Ukraine will pay $179.50 per 1,000 cubic meter.

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