Gazprom and Naftogaz Talks Held in Berlin

Alexey Miller of Gazprom and Andrey Kobolev, CEO of Naftogaz of Ukraine, met in Berlin on Wednesday where they addressed a wide range of issues regarding the bilateral cooperation in the gas sector.

“On request of the Ukrainian party, the debt settlement deadline was postponed until June 10, due to June 9 being a holiday in Ukraine,” Gazprom said in a statement.

Ukraine’s total debt for Russian gas supply amounts to USD 4.455 billion: USD 1.454 billion for November and December 2013 and USD 3 billion for April and May 2014.

In line with the contract, a decision was made to switch Naftogaz of Ukraine to gas prepayment starting with June 2014 due to persistent non-payments. On June 2 Naftogaz of Ukraine settled the debt for Q1 2014 by paying off USD 786 million. Thereby, switching to prepayment was deferred to June 9.

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Press Release, June 5, 2014