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 ...

Iran Discovers New Shale Deposits in Sea of Oman
Iran's Research Institute of Petroleum Industry has discovered...
Iran Oil Exports to India Hit Record
India purchased about 700,000 barrels of crude oil from Iran...
Aramco Trading currently trades 3.6 million barrels per day of crude and refined products.
Aramco Trading, the commercial arm of oil giant Saudi Aramco,...
Iran's current natural gas output stands at 230 billion cubic meters per annum.
The state-run National Iranian Gas Company is determined to...
US crude inventories rose by 1.1 million barrels in the week to April 20 to reach 429.1 million.
Oil prices on Wednesday fell back from more than three-year...
German Ambassador Klor-Berchtold (L) meets Energy Minster Reza Ardakanian in Tehran on April 24.
Germany is ready to develop energy ties with Iran by focusing...
Nationwide Euro-4 Diesel Distribution in June
The distribution of Euro-4 diesel will commence in June...

Trending

Googleplus