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GAZPROM

December 29, 2008

Board of Directors addresses relationships with Ukraine

The Gazprom Headquarters hosted a Board of Directors’ meeting.

The Board of Directors took notice of the information relevant to the calculations status and relationships prospects for Gazprom and business enterprises of Ukraine in the gas sector.

The Board of Directors tasked the Management Committee to continue the work aimed at full clearance of the existing arrears by the Ukrainian party, entering into new transactions for gas supply in 2009 and submission of guarantees to fully pay for the future gas supplies.

The Board’s Members emphasized that Gazprom would completely meet its obligations to European gas consumers.

The issue of the progress in the negotiating campaign aimed at implementing Gazprom’s Investment Program for 2009 was postponed until the next meeting.

 

Background:

On October 2, 2008 in the course of the meeting between the Russian Federation Prime Minister Vladimir Putin and his counterpart, Julia Timoshenko the Memorandum of Cooperation in the gas sector was signed. One of the key provisions of the Memorandum is a possibility to transfer to direct long-term relations between Gazprom and NAK Naftogaz Ukrainy, starting from January 1, 2009. At the same time, Gazprom retains the right to sell 7.5 bcmpa of gas directly to Ukraine’s ultimate consumers. The Memorandum also confirms the intention to establish a stagewise transition to market, economically expedient and mutually agreed gas prices for Ukraine, as well as tariffs for gas transit across its territory.

Full settlement of Ukraine’s debt for the received gas is a prerequisite for the Memorandum provisions to be implemented.

Over the past month several rounds of negotiations have taken place between Gazprom and Ukraine, at which various scenarios of gas debt settlement were addressed including Gazprom’s proposal to step up cross-cancellation of the Ukrainian debt in form of an advance payment for Russian gas transit across Ukraine.

Under the five-year gas transit contract signed between Gazprom and Ukraine on January 4, 2006, the Ukrainian party is obliged to secure uninterrupted Russian gas transit across its territory. The given contract is in no way related to the contract for gas supply to Ukraine’s consumers.

 

 

 

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