Interfax-Ukraine citing Mr Volodymyr Makukha Deputy Ukrainian Energy and Coal Industry Minister as saying that Ukraine national oil and gas company Naftogaz Ukrainy and Poland state oil and gas producer PGNiG are to settle the pricing parameters of a contract for natural gas that is to be supplied to Poland.

The main coordination of contract terms will begin after Ukrainian President Mr Viktor Yanukovych signs into law a bill on the functioning of the country natural gas market that will regulate the legal basis for resuming shipments of Ukrainian gas to Poland.

Mr Makukha said "The law will be signed [by the president], and then we will have a foundation for resuming exports. Then we will need to work through the main contract terms and then we will begin actual deliveries. He said that this means defining all the main parameters of an existing agreement between Naftogaz Ukrainy and PGNiG.”

Mr Makukha said "The contract is 'raw' now, because conditions have changed completely and we still have a lot to clarify that is shipment volumes, timing and cost. For example, the question has arisen as to how much gas Poland needs before the end of the year."

As reported, Ukraine parliament, the Verkhovnaya Rada gave the go ahead to the export of Ukrainian natural gas on June 17 which will allow Naftogaz Ukrainy to fulfill a gas-supply deal with PGNiG.

(Sourced from Interfax-Ukraine)