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Gas price for Ukraine can decline below $329 in Q2 — Russian Energy Minister

February 06, 2015, 17:51 UTC+3
The price can be reduced because of the oil market situation, Russian Energy Minister Alexander Novak says
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© Dmitry Rogulin/TASS

MOSCOW, February 6. /TASS/. The Russia’s gas price for Ukraine can be lowered from its current level of $329 per 1,000 cubic meters in Q2 because of the oil market situation, Russian Energy Minister Alexander Novak said on Friday.

He added that the price under long-term gas contracts with Ukraine effective by 2019 is calculated by the formula linked to the oil basket and hence to the oil price.

"There is no direct association but the trend is obvious. Therefore we can expect a further decline of the price in the second quarter, down from its first quarter level of $320 per 1,000 cubic meters," the minister said.

Russia is ready to discuss Q2 gas supplies with Ukraine if proposals of the Ukrainian side will provide for a debt repayment schedule in respect of earlier supplied gas within the "summer package" discussion framework, Novak added.

The "winter package" is effective until April 1, 2015. However, this does not mean that anything will change in the long-term contract with the Ukrainian gas company.

Infographics Gas agreement signed by Russia, Ukraine and the EU Gas agreement signed by Russia, Ukraine and the EU
Gas agreement signed by Russia, Ukraine and the EU On October 31 Russia, Ukraine and the EU signed an agreement on gas supplies. Infographics by TASS

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