Naftogaz sees import price falling
Ukrainian oil and gas monopoly Naftogaz Ukrainy announced July 5 that it expects the price it will pay for Russian gas imports to decrease by 2.1% quarter-on-quarter in the last quarter of this year to $417 per 1,000 cubic metres driven by the recent drop in oil prices.
“Even such a relatively small reduction in the price of Russian gas would allow the company to save more money, because in the fourth quarter the volume of gas purchases will be significant due to the increasing consumption in winter,” Naftogaz said in the statement. It said it will pay a price of $426 per 1,000 cubic metres for its Russian gas imports in the third quarter of this year, compared with $425/1,000 cu m in the second quarter and $416/1,000 cu m in Q1. Kiev brokerage Dragon Capital said that it forecasts the gas import price for the fourth quarter to drop to $411/1,000 cu m and to fall by 6% year-on-year to $391 in the first quarter of 2013.