Gazprom and Ukraine to even out debt

Deputy Secretary of the National Security and Defence Council of Ukraine Yury Prodan held a briefing in Kiev at which he explained how Ukraine will pay its $ 2-bn debt to Gazprom.
Gazprom will pay $ 500 mm in advance for the transit of gas across Ukraine through the end of the year. Naftogaz Ukrainy will use that money to pay its debt to UkrGazEnergo, the Ukrainian gas trader that is owned in equal parts by Naftogaz Ukrainy and RosUkrEnergo. RosUkrEnergo will partially pay its debt to Gazprom with the same money.

A Russian source acquainted with the situation confirmed the Ukrainian official's words. He added that Gazprom would not charge interest on the advance payment.
In addition to the cash, Gazprom will receive ownership of 4 bn cm of natural gas in Ukrainian underground reservoirs that belongs now to RosUkrEnergo and is earmarked for export to Europe. It will pay $ 150 per 1,000 cm, and will be able to sell it for $ 250-290 per 1,000 cm (not counting transport costs).

Ukrainian Minister of Fuel and Energy Yury Boiko said that Gazprom would buy an additional 8 bn cm of gas from Ukrainian reservoirs at $ 150 and sell it within the country for $ 156 per 1,000 cm. The $ 6 difference represents payment for storage, Boiko specified.
The National Security and Defence Council stated that the cost of gas storage is actually $ 7.84 per 1,000 cm, and the fee charged Gazprom should be raised.

“Now Gazprom will reassign the gas from the underground reservoirs to itself as security against surprises that may take place with RosUkrEnergo after the new government comes to power.”
“It was done extravagantly. They made so much noise about a debt that didn't really exist,” commented chairman of the Supreme Rada heating and power committee Viktor Topolov.