SG:Ukraine imported 40 billion cubic meters of natural gas
It is reported that Ukraine imported 40.1 billion cubic meters of natural gas in 10.5 months in the year 2011 or 33.7% higher compared to the analogous period of the previous year.
Supplies from Russia comprised 88.9% of shares while the remaining portion was imported from Central Asia. The gross planned natural gas purchases in 2011 amount to 44.6 billion cubic meters including 40 billion cubic meters by Naftogaz of Ukraine and 4.6 billion cubic meters by Ostchem Holding Ltd a company controlled by Group DF. The price for natural gas in Q4 2011 is estimated to exceed USD 400 trillion cubic meters.
According to Phoenix Capital analyst “The news is neutral for Ukraine’s economy. In 2011, Ukraine significantly boosted natural gas imports from Russia to comply with obligatory purchase volumes. As a result, the rising gas bill put pressure on widening the country’s trade balance deficit. We expect Ukraine will be able to negotiate lower natural gas prices for 2012 potentially saving up to USD 6.8 billion. According to the government, a new gas agreement should be signed in the next few weeks.”
