The price of natural gas under a gas supply contract between Gazprom and Naftogaz Ukrainy, which is valid until the end of 2019, will be equal to the price on a European gas hub, in accordance with the ruling of the Stockholm arbitration court, Naftogaz Head Andriy Kobolev has said.

"The price will be reduced in the future... It will be close to the European price. To be precise, it will be equal to the price on a European hub, which we consider a significant improvement in the terms of gas purchase in Ukraine," he told journalists in Kyiv on Friday.

Kobolev said that according to the arbitration court's decision, the price for the second quarter of 2014 was reduced by 27.4%, to $352 from $485 per 1,000 cubic meters, and the same approach will be applied to future supplies, but the figure of reduction to the original contract formula will be different.

"In the future, Naftogaz will be able to buy gas at a price lower than originally envisaged in the contract," Kobolev said earlier in the day at a meeting with President Petro Poroshenko, while commenting on the court decision.