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National joint-stock company (NJSC) Naftogaz of Ukraine started supplying natural gas to Ukraine in July through its Swiss-based subsidiary Naftogaz Trading Europe S.A., according to OilNews referring to Consulting Group A-95.
Naftogaz received about seven billion cubic meters of gas from Naftogaz Trading Europe S.A. on the Ukrainian border in mid-July, OilNews reports.
The company resumed buying gas from Shell Energy Europe Limited (UK) in July after a three-month break, while its gas purchases from Eni Trading & Shipping (Italy) were also resumed in July following a six-month pause.
As reported earlier, Naftogaz of Ukraine planned to import 1.7 billion cubic meters of gas via Naftogaz Trading Europe S.A. in 2017, which is accounting about 20% of the targeted annual imports. According to the Naftogaz's strategy, all purchases of imported gas are expedient to be carried out through Naftogaz Trading Europe S.A., with the exception of those with the credit funds from international financial organizations (the EBRD and World Bank).
Read alsoNaftogaz boasts UAH 72 bln in taxes, dividends paidIn mid-June, the Naftogaz Supervisory Board agreed on the conclusion of a framework contract for the natural gas supplies with Naftogaz Trading Europe S.A. (an expected contract price of UAH 148.8 billion, or US$5.8 billion).
Naftogaz CEO Andriy Kobolev said earlier that one of the tasks of Naftogaz Trading Europe S.A. would be to attract loans from Western commercial banks on bail of natural gas located in Ukrainian underground storage facilities, OilNews said.
Naftogaz injected $8.3 million in additional capitalization in Naftogaz Trading Europe S.A. in late June.
UNIAN memo. Swiss-based Naftogaz Trading Europe S.A. (Geneva) is a wholly owned subsidiary of Naftogaz of Ukraine. The company was established on the basis of Naftogaz Overseas S.A. in August 2016. Its top management is represented by Iryna Mykhailenko, Yuriy Vitrenko and Volodymyr Tomash. Naftogaz Overseas S.A. was created in 2012 to trade in oil produced by Naftogaz in Egypt.