Ukraine suspends purchase of Turkmen natural gas.

Apr 19, 1999 02:00 AM

The Ukrainian government has decided to suspend the supply of Turkmen natural gas by the Neftegaz Ukrainy company since May 1, 1999, First Vice-Premier Vladimir Kuratchenko said.
In his words, the Turkmen gas purchase by Ukrainian state organisations has become unprofitable and that right will be passed over to commercial organisations. The country will lack 6 - 8 bn cm of gas, and that amount it will not need till fall, the first five-premier remarked.
The Neftegaz Ukrainy national joint stock company is unable to fully pay for the Turkmen gas, Chairman of the Company Board Igor Bakai told. He doubts the economic expediency of the contract and a possibility to make the payment scheme simpler. Thus, Neftegaz Ukrainy refuses from buying the gas and offers the government to discuss the subject with independent gas suppliers. As need be, independent suppliers named by the government or in a contest will bring Turkmen gas to Ukraine in fall.
The current debt for Turkmen gas is about $ 240 mm, Bakai noted.

Source: Itar-Tass via Newspage
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