Russian President Dmitry Medvedev on Wednesday promised his Ukrainian counterpart, newly-elected Viktor Yanukovich, a discount on natural gas deliveries amid warmer ties between the two former Soviet republics.
Russian President Dmitry Medvedev on Wednesday promised his Ukrainian
counterpart, newly-elected Viktor Yanukovich, a discount on natural gas
deliveries amid warmer ties between the two former Soviet republics.
The move follows an agreement to extend the stay of
Russia
's
Black
Sea
fleet in the Ukrainian
port
of
Sevastopol
and
is a sign of better relations between
Russia
and
Ukraine
since
Yanukovich took office in February.
The new gas deal, which was signed by Russian gas exporter OAO Gazprom
(GAZP.RS) and
Ukraine
's
state energy firm Naftogaz, includes a 30% discount in the form of a lower
export duty.
Gazprom said the export duty will be lowered by $100 per 1,000 cubic meters of
gas--down from the current price of $330--but no more than 30% of the gas
price.
Ukraine
will
receive 30 billion cubic meters at the lower price in 2010 and 40 billion cubic
meters in the following years until 2019.
Gazprom's Chief Executive Alexei Miller stressed the company's profits will be
unaffected by the new deal, as the discount is equal to the export duty imposed
by the Russian government.
"The price discount is provided by a reduction in the export customs duty
for Gazprom in the budget and does not affect the economy of Gazprom,"
Miller said, according to the Interfax news agency.
Under the new contract, Naftogaz agreed to increase its offtake of Russian gas
this year to 36.5 billion cubic meters to fill up underground gas storage
facilities for the 2010-2011 winter season.
Ukraine
is an
important transit country for Russian gas to
Europe
,
which relies on
Russia
for
around a quarter of its gas needs.
The price cut comes at a convenient time for
Ukraine
,
whose government is striving to revive the country's struggling economy. The
country badly needs to secure further lending after its economy declined by 15%
last year.
Ukraine
's
Deputy Prime Minister Serhiy Tihipko said Wednesday the country hopes to secure
a new $12 billion lending program from the International Monetary Fund for the
next 30 months.
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