The transfer is a part of $3.1bn debt to be paid by Naftogaz to Gazprom for the 11.5 billion cubic meters of gas supplied in November to December 2013 and April to June 2014, priced at $268.5 per thousand cubic meters.
Recently, Russia agreed for a $4.6bn winter package, effective from now until the end of March 2015, to supply gas to Ukraine and Europe.
As part the package, Ukraine can pay its debts based on a preliminary price of $268.5/1000m3 in two tranches, $1.45bn without delay, and $1.65bn by the end of the year 2014.
The package also enables Ukraine to order as much as gas required.
The debt’s final price and thus the final sum will be determined through the pending arbitration by the Arbitration Institute of the Stockholm Chamber of Commerce between Gazprom and Naftogaz.
Ukraine is seeking to purchase 4 bcm until the end of the year 2014 for less than $385/1000m3.
Image: Naftogaz has transferred $1.4bn to Gazprom as part of gas supply debt. Photo: courtesy of supakitmod/Freedigitalphotos.net.
