Energy industry

Ukraine reached agreement with Russia on gas

Le Monde reports that on 30 October 2014, after 10 days of intense talks in Brussels Russia, Ukraine and Europe have developed a scheme of gas supplies to Ukraine and the repayment of Ukraine’s debt for past deliveries.

In addition to the domestic consumption of gas in Ukraine and replenish its reserves (4 billion cubic meters), it also passes the transit of gas to Europe (15% of European consumption). The agreement is valid until March 2015. On behalf of Russia held talks Minister of energy Alexander Novak, Ukraine – by his colleague Yu Brogan, and by the EU Commissioner for energy G. Ettinger (Günther Oettinger). Russia suspended gas supplies to Ukraine in June 2014 because Kiev did not pay for delivery starting from September 2013. Russia insisted on the debt total $5.3 billion. For the resumption of supplies to Ukraine will pay $3.1 billion of debt in two parts at the expense of Gazprom (the world’s largest gas producer with a major shareholder of the Russian Federation). Money from a $17 billion loan from the International Monetary Fund (IMF) in the amount of $3.1 billion put on the target blocked account. // Paris// 31/10/2014, Source: Le Monde