• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 19 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Is a Deep-Sea Mining Boom Inevitable?

Is a Deep-Sea Mining Boom Inevitable?

The UN regulator overseeing deep-sea…

Russia Claims Ukraine Owes it $7 Billion for Natural Gas it Never Used in 2012

Russia has calculated that Ukraine owes it $7 billion for gas imports that it was contractually obliged to pay yet never took delivery of in 2012.

It is probably not a coincidence that Moscow has made this demand just days after Ukraine signed a $10 billion deal with Royal Dutch Shell to develop shale gas plays, intended at reducing reliance on Russian imports.

Elena Yurieva, a spokeswoman for Naftogaz, the state energy company, told the Ukrainian news agency, UNIAN, that they had “paid on time for all the natural gas delivered to us by Gazprom.”

An industry source also told Reuters that, “in our opinion, we don't owe anything to anyone. All the gas which we should have bought last year according to the contract, we bought and have paid for.

Related article: Dow Opposes US Natural Gas Export Plans

It looks as if everything is linked to the signing of the agreement with Shell in Davos.”

Naftogas has been at odds with Gazprom ever since the previous prime minister of Ukraine, Yulia TYmoshenko, signed the exploitative deal back in 2009. Tymoshenko has since been jailed for her part in arranging the contract.

Under the deal Ukraine must buy a fixed volume of gas each year at $430 per 1,000 cubic metres, a level well above market prices.

ADVERTISEMENT

Gazprom has calculated that Naftogaz was committed to buy 42 billion cubic metres in 2012, whereas they only imported 33 billion cubic metres. Ukrainian sources do not trust Gazprom’s calculations.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News