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Use of advance transit payment for Ukraine debt repayment out of question — Gazprom

October 22, 2014, 9:14 UTC+3 BRUSSELS BRUSSELS October, 22. /TASS
Gazprom CEO Alexei Miller commented on EU Energy Commissioner Gunther Oettinger's suggestion
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Gazprom CEO Alexei Miller

Gazprom CEO Alexei Miller

© ITAR-TASS/ EPA/BERND VON JUTRCZENKA

BRUSSELS, October 22. /TASS/. Gazprom doesn't want its advance payment for gas transit through Ukraine to be used by Ukraine to pay for its debts, Gazprom head Alexei Miller said on Russia 24 television.

“It is out of the question,” he said. “The so-called mutual settlement in fact is a Gazprom loan for Naftogaz.” It means that Gazprom again must make advance payments for future transit services. But Russia’s position was presented by President Vladimir Putin in Milan - Russia will not assume new obligations to finance Ukraine, Miller said.

EU Energy Commissioner Gunther Oettinger has suggested that Ukraine should use Gazprom’s transit payments for Russian gas supplies to Europe to pay its debt.

Oettinger said Ukraine must pay $3.1 billion before the end of this year to Gazprom for already supplied gas. The Russian company will supply five billion cub/m of gas to Ukraine and give an option for five billion cub/m more. The price is set at $385 for 1,000 cub/m, with a $100 discount taken into account (from $485). The discount is given only for the next six months. After Ukraine repays $2 billion as part of its debt to Gazprom, the Russian company will supply at least five bln cub/m of natural gas.

Infographics Ukraine’s debt burden Ukraine’s debt burden
August 29, IMF Board of Directors discusses the second tranche for Ukraine amounting to $1.4 billion, which was postponed due to instability in south-eastern Ukraine. The country received the first tranche in April 2014. Earlier, April 30, the IMF approved a two-year credit totaling $17 billion for the support of the economic program. Infographics by ITAR-TASS

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