National joint-stock company Naftogaz Ukrainy believes that purchase of 5 billion cubic meters (bcm) of natural gas from Russia's Gazprom in 2018 at the price that was reduced by the Arbitration Institute of the Stockholm Chamber of Commerce is cost-effective, Naftogaz Head Andriy Kobolev said at a press conference in Kyiv on Wednesday.

"From this year, it will be necessary to buy the minimum volumes (the minimum volumes of gas purchase from Gazprom determined by the arbitration court). We in Naftogaz have no reason to consider the negative aspect of Gazprom's obligation to sell us 5 billion cubic meters of gas at a price below the European one. This is a positive aspect both from the point of view of the NJSC and the end consumers," he said.

At the same time, he said that the company will continue to purchase gas in Europe and will implement a rational approach.