Gazprom estimates Naftogaz owes it USD 5.3 bln for supplied gas

Gazprom estimates Naftogaz owes it USD 5.3 bln for supplied gas



9 липня 2014 года
Конкорд Капитал

The debt for natural gas that Gazprom has supplied to Ukraine increased USD 838 mln in June, according to Gazprom CEO Alexey Miller, as cited by the Interfax news agency on July 8. In total, Naftogaz has not paid for 11.535 bcm of delivered Russian gas worth USD 5.30 bln, according to Miller. Gazprom supplied 1.73 bln bcm of gas to Ukraine in the first half of June before it stopped the deliveries and started demanding prepayment from Ukraine.



Total gas imports by Ukraine amounted to 2.0 bcm in June (up 2.2x yoy) and 14.5 bcm in 1H14 (up 40% yoy), according to Interfax . Imports of non-Russian gas amounted to 0.3 bcm in June and 0.45 bcm in 1H14.



Alexander Paraschiy: The total Naftogaz debt to Gazprom is discussable, as Gazprom calculated its bill for 2Q14 based on a price for Ukraine of USD 485.5/tcm, which is higher than Gazprom’s latest offer to Naftogaz (USD 385.5/tcm). With the suggested discount, Naftogaz’s total bill to Gazprom would be USD 4.50 bln, and it could be up to USD 0.9 bln less should the Ukrainian monopoly successfully defend its own proposed price for Russian gas (USD 268.5/tcm).

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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