Interfax quoted according to sector statistics that Ukraine national oil and gas company Naftogaz Ukrainy imported about 84.5 million cubic meters of Russian gas per day in the first half of June roughly two thirds more than the average May or April figure.

Fuel and Energy Dispatch Center data show Naftogaz Ukrainy took 52.1 mcm on average in May 62.1 mcm to 62.3 mcm over the last two months but 75 mcm on the first day of this month. The company has been taking around 85 million cubic meters daily most lately. If this trend persists, the company will receive from Russian gas giant Gazprom 2.5 billion this month compared with roughly 1.6 billion cubic meters in April and May.

Mr Alexei Miller Gazprom CEO reported the signing of an advance agreement with Naftogaz worth 2 billion for the transit of gas for pumping into underground storage in Ukraine against the 2012-2013 fall winter maximum.

Mr Miller had earlier expressed concerns that Ukraine would not put enough gas into underground storage increasing the risk the country would not meet its obligations to transport Russian gas to Europe in full volume.

Per the contract between Naftogaz Ukrainy and Gazprom, the least amount of Russian gas Ukraine is obligated to buy is 41.6 billion cubic meters in 2012. Ukraine is talking about its intent to only buy 27 billion cubic meter of Russian gas this year due to the high price and negotiating this, but so far unsuccessfully.

The price of gas for Ukraine this quarter is around USD 425 per thousand cubic meters compared with USD 416 in Q1. If in Q3 the price does not change, then the USD 2 billion suffice for the country to purchase some 4.7 billion cubic meter of gas.

Source - Interfax

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