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13 Mar, 2008 05:29

Gazprom, Ukraine agree on gas deal

The Russian gas giant Gazprom and Ukraine's Naftogaz have announced they’ve signed a deal for gas supplies. The two entities have been in dispute for months over Ukraine's standing debt.

No intermediates will be used by Gazprom and Nafrogaz from now on.

The parties also agreed on pricing terms. Ukraine will pay $US 315 for each thousand cubic metre of Russian gas. The price for Central Asian gas, which Gazprom re-sells, will be $US 179.5.

Gazprom and Ukraine were clashed in a stand-off over Ukraine’s debt for Russian gas. The Russian company had to compensate the shortage of cheaper Central Asian gas, and Ukraine failed to cover the price difference.

The new agreement allows Ukraine not to pay, if it reimburses the gas delivered earlier. Naftogaz hinted it will use this option.

Also a Gazprom affiliate will be able to supply gas to Ukraine directly. At least 7.5 BLN cubic metres of gas a year will be delivered, starting from April the 1st.