Photo from UNIAN
National oil and gas holding plans to start gas purchases from Gazprom as early as March 2018.
National Joint-Stock Company Naftogaz of Ukraine, according to the award of the Arbitration Institute of the Stockholm Chamber of Commerce, will be able to purchase Russian gas US$20-$50 per 1,000 cubic meters cheaper compared to the price set by the previous formula that was stipulated in the disputed contract of 2009.
"The [gas] price under the amended contract will be significantly lower than that set under the old formula. Now the difference is about $20. However, it will vary depending on the season. For example, the price difference will reach $50 in the second quarter, because in the warm season, gas prices on the market fall. Previously, the formula was linked to petroleum products and did not reflect market trends in Europe," Naftogaz Chief Commercial Officer Yuriy Vitrenko told one of the Ukrainian TV channels Feb 9.
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As UNIAN reported earlier, Ukraine in late November 2015, decided not to buy natural gas from Russia's Gazprom. In 2017, the country increased gas imports by 26.8%, to 14.1 billion cubic meters.
On December 22, Naftogaz received the final warrant of the Arbitration Institute of the Stockholm Chamber of Commerce related to the gas purchase contract. Thus, the court satisfied a number of demands of the Ukrainian side, that is reduced the gas purchase price in the second quarter of 2014 by 27.4%, to $352 per 1,000 cubic meters, rejected Russia's Gazprom take-or-pay claims amounting to $56 billion, and reduced the mandatory annual gas purchases in 2018-2019 from 52 billion to 5 billion cubic meters.
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Naftogaz plans to start purchasing gas from Gazprom as early as March this year.