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 Buying Gas from Germany Naftogaz Ukrainy Can Save up to 1.7 Billion Dollars

Naftogaz Ukrainy is planning to increase the volume of German gas transported though Ploand to 12 bliion cubic meters per year which will allow the cmpany to save up to $ 1.7 billion.

Source of the Kommersant-Ukraine in the Ministry of Energy said that the increase in imports of German gas will come from the expansion of technical capabilities of pumping stations on the border with Poland.

"We found the technical ability to do so. Provided an investment of $ 10-12 million, we will extend the import capabilities from 4 (planned volume of purchases this year) to 12 billion cubic meters a year of gas received from Poland," said the source . It also noted that the price of gas supplied through Poland, will be about $ 360 per thousand cubic meters while Russian gas being at the price above $ 430 next year. "Thus, the imports of each bcm brings savings of $30 million," the source said.

RWE informed that currently gas supply agreement through Poland was signed until early May but it should be extended until the end of next year. The Department of Energy said that they are planning to deliver up to 8 billion cubic meters of gas by the end of 1013 reducing the supply from Russia from 27.5 to 19.5 billion cubic meters. Experts estimate the savings of Naftogaz to reach $ 1.7 billion a year. Statement on the reduction of the volume of gas purchased from Russia caused expected criticism from Gazprom.

"Ukraine has not been purchasing the entire volume of Russian gas under the contract. Earlier we were told that this is due to lower gas consumption related to problems in the Ukrainian economy. Now it turns out that by not performing a contract with us Naftogaz is searching to buy volumes on the side. This is unacceptable," said the Russian monopoly. "If our key Ukrainian market will decline at such rate we cannot rule out the possibility of challenging even the current reduction in purchases in court," said Gazprom.

Experts, however, remind that the addendum signed in Kharkiv in 2010 to the contract between Gazprom and Naftogaz eliminates the ability to assign penalties for the decline in gas purchases. "This significantly reduces the chances of Gazprom winning in court if it were sue for non-performance of the contract," says managing partner of Astapov Lawyers Andriy Astapov.

 
 
 
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