• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 3 hours New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 38 mins Permafrost Melting Will Cost Us $70 Trillion
  • 36 mins Russia To Start Deliveries Of S-400 To Turkey In July
  • 19 mins Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 6 hours Nothing Better than Li-Ion on the Horizon
  • 3 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 28 mins Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 17 hours Countries with the most oil and where they're selling it
  • 4 hours $80 Billion to protect Saudi/OPEC paid by US TAXPAYERS.
  • 18 hours Section 232 Uranium
  • 6 hours How many drilling sites are left in the Permian?
  • 21 hours China To Promote Using Wind Energy To Power Heating

Breaking News:

Ford Invests $500M In Tesla Rival

U.S. Greenlights Two Major LNG Export Projects

U.S. Greenlights Two Major LNG Export Projects

The U.S. Federal Energy Regulatory…

Why Elon Musk Is Wrong About Hydrogen

Why Elon Musk Is Wrong About Hydrogen

Electric passenger vehicles are getting…

EU Hosts Russia-Ukraine Gas Talks To Secure Winter Supplies

European Union

The European Commission is hosting on Friday a trilateral meeting with Russia and Ukraine in a bid to ease their dispute over natural gas transit and deliveries—the first such talks since Ukraine stopped purchases from Russia last year.

The talks in Brussels are chaired by European Commission Vice-President in charge of the Energy Union, Maros Sefcovic, with Russian and Ukrainian ministers of energy, Alexander Novak and Ihor Nasalyk, respectively, attending. Top officials from Ukrainian company Naftogaz and from Russia’s Gazprom are also present.

“Given the importance of energy relations between the European Union, Russia and Ukraine, continued dialogue is of great importance. I look forward to the trilateral talks, aiming to contribute at ensuring predictable and stable gas deliveries throughout the winter season,” Sefcovic said before the talks.

The EU depends on Russia for around one-third of its gas supplies, most of which transit Ukraine via pipelines. The gas pricing dispute between Ukraine and Russia led to gas supplies from Russia via Ukraine to some EU nations being cut off in freezing winter months in 2006 and in 2009.

Gazprom and Naftogaz are suing each other over the gas pricing contracts in an international arbitration court in Stockholm, with each claiming around US$30 billion. Ukraine insists that some clauses in the long-term contract are against Ukrainian and EU antitrust laws.

Related: Saudi Arabia Cuts Oil Deliveries To U.S.

Gazprom is also under scrutiny by EU regulators over its natural gas pricing policy.

With Russian-Ukrainian relations further soured with Russia’s annexation of Crimea, Ukraine has been buying gas from reverse flow purchases with EU neighbors and has been relying on storage supplies.

“It's enough gas to see us through to the end of winter,” Naftogaz CEO Andriy Kobolyev told reporters in Brussels, as quoted by Reuters.

“Political disputes continue to weigh heavily on negotiations, and Ukraine has demonstrated its willingness to pay a higher price for reverse supplies of gas from its Central and East European neighbors rather than break the impasse and take direct deliveries from Russia,” Emily Stromquist, senior analyst at Eurasia Group, told Bloomberg via e-mail.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News