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  Monday, October 21, 2019
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The current price of $50 per 1,000 cubic meters of natural gas for Ukraine is unacceptable
The current price of $50 per 1,000 cubic meters of natural gas for Ukraine is unacceptable, a senior official from Russian energy giant Gazprom said Tuesday. Speaking at a forum, Russian Gas - 2005, Deputy Board Chairman Alexander Ryazanov said the price of $50 per 1,000 cubic meters for Ukraine could no longer be maintained after European gas prices had risen almost twofold to $200 per 1,000 cubic meters. Ryazanov added that the gas price for Ukraine must be calculated according to the European formula, excluding transportation costs. Ryazanov said that today Gazprom was making payments to Ukraine for gas transit across its territory at market prices and was ready to pay more to ensure gas supplies to Europe in full. The concern is almost completely dependent on Ukraine for transiting its natural gas to European customers. Understated gas prices for former Soviet republics inevitably reduce the company's revenues and upset shareholders, the deputy board chairman said. In the last five years, the price of Russian gas to Ukraine has remained unchanged at $50 per 1,000 cubic meters compared with the base price of $80 per 1,000 cubic meters. The market gas price for Ukraine calculated by the net back method (the gas price on the main gas sales market minus transportation costs) is over $160.
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