OAO Gazprom may seek as much as $530 million in fines from Ukraine for failing to import contracted volumes of natural gas in March, Kommersant-Ukraine reported, citing an unidentified Gazprom official, according to Bloomberg.
Russia’s gas export monopoly notified NAK Naftogaz Ukrainy that it intended to levy fines at the end of last week, Kommersant said. In March, Naftogaz bought 0.95 billion cubic meters of the fuel compared with 2 billion cubic meters envisaged by a January contract, according to Kommersant.
Gazprom has “insured itself” in the event that Turkmenistan manages to restore full gas flows via Russia after a pipeline explosion, the newspaper said. State-run Gazprom had cut supplies from the Central Asian country by as much as 90 percent before the blast, Kommersant said.
Turkmenistan plans to complete repairs to the pipeline today, though Gazprom hasn’t said when it intends to end limitations on pumping gas from the country, Kommersant said. Ukraine is the main consumer of Turkmen gas, according to Kommersant.