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“Now transit is already 86 billion cubic meters against the previous 110-120 billion. It has already dropped because of Nord Stream,” he said.
Once South Stream is constructed, Ukraine “can find itself in a very difficult situation”.
“The absence of partners is the key problem. The Ukrainian gas transportation system (GTS) can now be estimated at $25-35 billion. Without transit, the figure will be less, probably half as much,” said Kobolev.
In the first half of the year, Naftogaz reported 17% less revenue from Russian gas transit to European Union countries than a year earlier (9.03 billion hryvnias, or $750 million).According to the company’s statements, Russian gas transit through Ukraine dropped 7% in physical terms year-on-year to 36.571 billion cubic meters from 39.353 billion cubic meters. In the reporting period, the company sold on the domestic market 15.814 billion cubic meters worth 30.443 billion hryvnias ($2.54 billion) against 15.796 billion cubic meters worth 31.994 billion hryvnias ($2.66 billion) a year earlier.
Naftogaz of Ukraine is the country’s major vertically integrated oil and gas company that produces more than 97% of oil and gas in Ukraine. The company also transports oil and gas and sells petroleum products through its own network of fuelling stations.