Naftogas says EU firms may store gas in Ukraine

18:07, 18 June 2009
Ukraine
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It could help avoid a new gas crisis

European gas companies could buy and store Russian gas on Ukraine`s territory in a move that could help avoid a new gas crisis with Russian supplies, Ukraine`s state energy firm Naftogas said on Thursday, Reuters reported.

Russia has repeatedly warned Europe could face new supply disruptions if Ukraine fails to find the money to pump Russian gas into its underground storage to ensure smooth supplies this winter.

Ukraine`s Prime Minister Yulia Tymoshenko said this week the country needs $4 billion in credits to buy Russian gas for storage and hopes to raise the funds through European banks.

Naftogas said in a statement on Thursday the required sum was even bigger -- $4.2 billion -- but the heavy borrowing could be avoided if European companies agreed to buy more gas than they currently need and store it in Ukraine.

Reuters

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