#AceFinanceNews – MOSCOW – May 08 – Russia will supply natural gas to Ukraine on a prepaid basis from June 1, Energy Minister Alexander Novak said on Thursday, May 8.
“May 7 was the last day when Ukraine had to pay for the gas supplied. We have not received any payment from Naftogaz Ukrainy since March of this year. Ukraine’s overall debt for gas has reached 3,508 billion U.S. dollars up to date,” he said.
In accordance with Clauses 5.1.5 and 5.8 of the contract for the supply of gas made by and between Gazprom and Naftogaz of Ukraine in 2009, failure to perform the obligations entails an automatic transition to gas supplies on a prepaid basis from June 1, 2014, Novak said.
On May 16, Gazprom will issue a preliminary bill for the supply of gas in June. Ukraine will have an opportunity to pay this bill by May 31, in which case the amount of gas to be supplied in June under the advance payment will not exceed the volume paid for until May 31.
Russian News and Oil Media Sources
#AceFinanceNews – MOSCOW – April 03 – Ukrainian domestic joint stock company Naftogaz Ukrainy’s debt to Russian gas giant Gazprom is estimated at more than $2.2 billion with due account of March gas supplies, Gazprom said in a statement upon results of a meeting between CEO of Russian and Ukrainian energy companies Alexei Miller and Andrei Kobolev in the Russian capital on Thursday.
Also the price of gas for Ukraine is set at $485 per 1,000 cubic meters as of April 2014, Gazprom CEO Alexei Miller said.
Russian Finance and Oil News
#AceFinanceNews – KIEV- April 01 – Ukrainian national joint stock company Naftogaz Ukrainy is prepared to buy natural gas that will be delivered to the country in the reverse mode from European countries to Ukraine, Chairman of Naftogaz Board Andrey Kobolev told a news conference on Tuesday.
“We are prepared to buy gas from any company that will offer the lowest price,” he said. Kobolev noted that the maximum price at which Naftogaz was prepared to buy fuel was the imported Russian gas price.
The company is negotiating with Germany to become “a direct buyer” of fuel without a scheme of mediators, the Naftogaz board chairman said.
Meanwhile, he added that several gas traders had contracts with Germany, so, Naftogaz still hoped to start fuel purchases from that country on the border with Ukraine.
Russian News Sources
#AceFinanceNews – KIEV, March 23 – Former Ukrainian Deputy Prime Minister Yuri Boiko believes that Chairman of Ukrainian national joint stock company Naftogaz Ukrainy board Yevgeny Bakulin was detained with rude violation of the country’s legislation. Boiko has made a statement live on Public TV on Sunday.
“The detention was made when Ukraine signed political part of the Agreement on Association with the European Union under which the country committed to observe strictly the political association deal…Meanwhile, yesterday armed police came to Naftogaz Ukrainy head office, detained the chief executive with violation of all these laws, his lawyer even called 102 that unidentified people took him away,” the former deputy prime minister noted.
Court ruled to release Bakulin on a bail of 1.5 billion hryvnas (147.1 million dollars according to current hryvna exchange rate per U.S. dollar of the National Bank of Ukraine).
Russian Finance News
Ace Related News
1. March 21 – 21.15 GMT – Extract – #AceFinanceNews – KIEV, March 21.- Ukraine’s Ministry of Interior Affairs has on Friday detained the Chairman of the Board of national oil and gas company Naftogaz Yevhen Bakulin within the framework of investigation of major corruption schemes in the gas industry.
Parliament-appointed Minister of Interior Affairs Arsen Avakov said this in a statement.http://wp.me/pzTwj-2N0
#AceFinanceNews says Russia will limit or suspend gas supplies to Ukraine in case Ukraine’s energy company Naftogaz Ukrainy makes no advance payment for April gas imports till the end of March.
Under the gas contract between Russia’s Gazprom and Naftogaz of January 19, 2009, the seller may partially or completely suspend the fulfilment of its liabilities in case the buyer does not fulfil its obligations.
In line with the contract, Gazprom is to issue a bill to Naftogaz by March 16 and the latter is to pay it by the end of March. If the bill is not paid, gas supplies may be limited.
On Friday, Gazprom CEO Alexei Miller told journalists that his company had received no payments from Naftogaz Ukrainy for February’s Russian gas supplies.
On February 7, it was the deadline for payments for February’s gas deliveries to Ukraine,” he said. “Gazprom has received no debt payments. With a discount in the first quarter, Ukraine’s overdue debt for gas has significantly increased, reaching 1.860 billion dollars.”
“This actually means that Ukraine has stopped paying for Russian gas. This contradicts completely provisions of the contract and international trade practice,” Miller said. “We have always fulfilled and we will fulfil our contractual obligations.”
#AceFinanceNews says that Ukraine is expected to pay about $ 440 million for the Russian natural gas it consumed in February, the interim acting Minister of Energy and Coalmining, Yuri Prodan told reporters Sunday.
“It’ll come to around $ 440 million for February,” he said, adding that about $ 10.6 mln was remitted to Russia’s main producer and exporter of natural gas, OAO Gazprom, last year.
Ukraine’s outstanding debt to Gazprom for last year totals $ 1.5 billion.
The country’s national oil and gas monopoly Naftogaz Ukrainy issued a statement three days ago where it said it had paid Gazprom for the gas imported in January.