National Joint – Stock Company “Naftogaz of Ukraine” and Gazprom OJSC agreed to cut the natural gas price

National Joint – Stock Company “Naftogaz of Ukraine” and OJSC “Gazprom” signed supplements to the long-term natural gas supply and transit contracts. The addenda have been signed on April 21, 2010 during the working visit of the Russian President D. Medvedev to Ukraine.

In accordance with the signed agreements, the imported natural gas price for the National Joint – Stock Company “Naftogaz of Ukraine” will be cut by USD 100 per 1000 c.m. starting from the April 1, 2010. Thus, the Company will get extra around USD 39 billion within the duration of these agreements. In addition the addenda canceled penalty sanctions, which always threatened the Company’s activity.

In 2008-2009 National Joint – Stock Company “Naftogaz of Ukraine” accumulated multi-billion debts and experienced losses due to the outstanding credit obligations. The decision to mitigate the «price» pressure is really fateful for the Company, as it will allow to avoid bankruptcy of the National Joint-Stock Company Naftogaz of Ukraine, that is an employer for hundreds of thousands of Ukrainians in all the regions of the state.

In accordance with the reached agreements Gazprom OJSC will pay 80 per cent of the gas transit fee before the 6th day of the following month and 20 per cent – till the 20th day of the following month. This step will allow the National Joint – Stock Company “Naftogaz of Ukraine” to optimize the procedure of settlements for the imported natural gas and refrain from attraction of short-term credits.

Press-centre of the National joint – stock company “Naftogaz of Ukraine”

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