11:16 18.01.2019

Naftogaz assesses loss for Ukraine from 2009 gas contracts at $32 bln – Naftogaz CEO

2 min read
Naftogaz assesses loss for Ukraine from 2009 gas contracts at $32 bln – Naftogaz CEO

Gas contracts between Naftogaz Ukrainy and Russia's Gazprom signed in January 2009 were extremely unprofitable for Ukraine and caused irrevocable loss of $32 billion, Naftogaz Ukrainy CEO Andriy Kobolev has said.

"We have lost $32 billion with no hope of a return – upcharges, fines and other elements. This is UAH 61,000 per family," he said at a press conference in Kyiv on Friday.

Kobolev said that the damage could have been even greater, but thanks to the victory in the Stockholm arbitration, "it was possible to save $94.7 billion or UAH 177,000 per family."

The Naftogaz chief also said that the overestimated base contract price of $450 per 1,000 cubic meters with the market price at that time in Germany being $360 made Ukraine hostage to a political discount from Russia. He added that in this way Russia used gas for political pressure in relations with Belarus, Georgia, Armenia and Moldova.

According to Kobolev, this led to the Kharkiv agreements of 2010 on the extension of the lease of the base of the Black Sea Fleet and the discount of December 2013 in exchange for the refusal of European integration.

"These discounts have become a precondition for further occupation," Naftogaz CEO said.

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