Ukraine Cuts Natural Gas Import 50 Percent

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Ukraine Cuts Natural Gas Import 50 Percent

PR Newswire

KYIV, Ukraine, June 26, 2012

KYIV, Ukraine

,

June 26, 2012

/PRNewswire/ --

Ukraine

decreased the amount of imported natural gas

by 48.77 percent over the first five months of 2012,

compared to the respective period of 2011. The volume

of imported gas in January -

May 2012

reached 12.8

billion cubic meters.

Ukraine

paid

USD 416

per thousand cubic meters of imported gas in Q1 2012.

The price increased in the second quarter of 2012 - reaching

USD 425

. These

price tags include a

USD 100

discount, agreed by the parties in 2010. Average

price European countries pay for Russian gas in 2012 amounts to

USD 415

,

according to

Neft Rossii

.

Ukraine

is negotiating the decrease of gas price - to

USD 250

.

Ukraine

will have

to spend almost 27 percent of its estimated budget income in 2012 on Russian

gas (

USD 8-10 billion

). This is more than the country plans to spend on

healthcare in the c.y., noted the Prime Minister of Ukraine Mykola Azarov.

The country seeks to agree on lower gas price with

Russia

, as well as lower its

gas consumption and increase domestic energy production. In

June 2012

, the

Ministry of Energy and Coal Industry of

Ukraine

informed that over the first five

months of 2012 Ukraine increased its own production of natural gas by 146.7

million cubic meters compared to the respective period of 2011.

Achieving energy independence has become top priority for the President of

Ukraine Viktor Yanukovych, said the Ukrainian Energy and Coal Industry

Minister Yuriy Boyko on

June 5

th

. The State Program on Energy Efficiency 2010-

2015 sets the goal for improving

Ukraine's

energy independence.

According to the program,

Ukraine

will reduce domestic energy consumption

through increasing energy efficiency, developing unconventional gas

production, developing domestic gas reserves, introducing green energy

production technology, and diversifying gas import.

Importing up to 70 percent of natural gas from

Russia

,

Ukraine

is negotiating a

number of gas importing deals with

Azerbaijan

,

Germany

,

Iraq

,

Norway

,

Romania

,

Turkey

, etc.

Ukraine

plans to finish the construction of its billion cubic

meter LNG terminal at the Black Sea by 2014, grasping the opportunity to

arrange gas import from a wider range of suppliers.

Additionally,

Ukraine

sets up its own shale gas production. "The first license

tenders have been awarded to Shell and Chevron," noted Boyko.