Russia voices optimism on gas talks, delays Ukraine payment deadline

Russia voices optimism on gas talks, delays Ukraine payment deadline



11 червня 2014 года
Конкорд Капитал

Gazprom decided to postpone the deadline for Ukraine to repay a part of the debt for earlier imported gas (worth USD 2 bln) and avoid a shift to prepayment till June 16, the Interfax news agency reported on June 11, citing Gazprom CEO Alexey Miller. The Russian and EU delegations convened bilateral negotiations on gas issues in Brussels on late Tuesday. Trilateral negotiations involving the Ukrainian side will start on Wednesday morning, and Miller is “counting on constructive dialogue”, according to Interfax.



At a June 11 meeting of the Ukrainian government, PM Arseniy Yatsenyuk confirmed that Gazprom proposed a USD 100/tcm discount to the gas price under a 2009 agreement, resulting in a USD 386/tcm price for Ukraine for 2Q14. Yatsenyuk said his government is refusing this offer and insisting on a new contract and “market price,” Interfax reported.



Alexander Paraschiy: We would be glad to share Miller’s optimism, but so far we do not see any reason for it. The postponement of payment deadline only indicates that Ukraine has refused to pay so far. This is not the first shift of the deadline, which Russia initially set for May 30 – June 7, then postponing it to June 10.



Ukraine switching to a prepayment method for Russian gas means stopping gas supplies to Ukraine immediately. Such a move will be harmful for the EU and Russia in the short term, though not for Ukraine.



We believe that a gas price in the range of USD 320-330 per tcm, as voiced on June 10 by EU representatives, looks realistic for Ukraine.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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