Ukraine agrees gas agreement with European providers

15/01/2016 10:21 Natural Gas

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Ukrainian state energy company Naftogaz has decided to acquire 1.7 billion cubic metres (bcm) of gas from European suppliers at a price of $188-$211 per thousand cubic metres, as stated by the firm on Thursday.

Ukraine, which is still in a prolonged gas pricing row with Russia, has been trying to cover its needs with its own production and supplies from Europe. The recent agreements with European providers were agreed within the framework of a $300 million trade finance loan accord with the European Bank for Reconstruction and Development. The gas will be offered by five companies comprising Switzerland's Axpo Trading, Germany's E.ON Global Commodities and Italy's Eni in the period until March. As of Monday Ukraine's gas reserves had dropped by approximately a quarter to 12.9 billion cubic metres (bcm) since the start of the heating season in mid-October. Ukraine has declared it has sufficient gas to maintain supplies over the winter and guarantee stable transit of Russian gas to Europe. The European Union obtains around 40 percent of its Russian gas imports through Ukraine.

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