11185
Ukraine Will Borrow $1b to Buy Gas, Fuel Oil
Energy

Ukraine Will Borrow $1b to Buy Gas, Fuel Oil

Ukraine plans to borrow $1 billion to establish a strategic reserve of natural gas and fuel oil to cover local needs in emergency situations, Prime Minister Arseny Yatseniuk said on Saturday.

"The government has adopted a decision to establish reserves of gas and fuel oil worth $1 billion via borrowing under state guarantees," Yatseniuk was quoted by Reuters as saying in a government meeting.
"This $1 billion will be spent to buy this strategic reserve," he added, giving no details about gas origin.
Ukraine, a traditional buyer of Russian gas, has said it hopes to cut its dependence on energy supplies from Russia and to switch to imports from European states.
Ukrainian state-run energy firm Naftogaz said last month Kiev planned to cover up to 60 percent of its gas import needs this year from Europe, leaving its once-dominant supplier Russia delivering the rest.
The government has expected that European summer spot gas prices for Ukraine could fall to between $250 and $300 per 1,000 cubic metres and this allows Kiev to bolster its underground storage reserves.
Ukraine says it is buying Russian gas above market prices and is seeking alternative supplies from Europe. It bought Russian gas at $329 per 1,000 cubic metres in the first quarter of this year.
Relations between Kiev and Moscow are severely strained after nine months of conflict that has pitted Ukrainian government forces against pro-Russian separatists who have declared "people's republics" in eastern Ukraine.

 

Short URL : http://goo.gl/psJZPD

You can also read ...

Tehran, Yerevan Mull Energy Cooperation
Iran and Armenia explored grounds to develop closer...
Veep Underlines Iran's  Footprint in Gas Market
Having access to some of the world's largest hydrocarbon...
Russia Remains China's Top Crude Oil Supplier
Russia held its position as China’s top crude oil supplier for...
Hydropower Output Increases
Despite facing low levels of rainfall and hot temperatures,...
France Adds 500 MW of Wind Capacity
France added 500 megawatts of new wind power capacity in the...
Crude Prices Extend Rally
US oil prices jumped to a two-year high on Friday as North...
OPEC, Non-OPEC Agree on Outline of Oil Cut Extension
OPEC and non-OPEC producers, led by Russia, have crafted the...

Trending

Googleplus