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9 Oct, 2007 08:49

Ukraine signs deal to settle debt: Gazprom

Energy company Gazprom says it has agreed a timetable with the Ukrainian Government for settling its gas debt. The deal has been reached at the same time as the issue was discussed at the meeting between Russian Prime Minister Viktor Zubkov and his Ukrai

Kiev has already payed off $US100 million of its $US1.3 billion debt to Gazprom.

On October 2, Gazprom declared it would cut the gas supply to Ukraine if overdue costs of more than 1.3 billion dollars were not paid off in the near future.

Both sides have agreed the largest part of the debt will be repaid by transferring gas from RosUkrEnergo storage facilities to Gazprom export.