Ukrainian Journal reported that Ukraine’s national energy company Naftogaz Ukrayiny will have to pay more than USD 1 billion to Russian gas giant Gazprom before May 7th 2011 for gas imported in April.

A Naftogaz official said that Ukraine is buying Russian gas at about USD 296 per 1,000 cubic meters in the Q2 of 2011 compared with USD 264 cubic meter to USD 1,000 cubic meter in the Q1.

Naftogaz needs to make monthly payments to Gazprom within the first week of each next month to comply with 10 year natural gas agreement both signed in January 2009. A failure to pay on time for gas imports may provoke Gazprom to suspend gas supplies to Ukraine that may in turn affect other countries in Europe.

(Sourced from www.ukrainianjournal.com)