13:28 18.10.2019

Extension of existing gas transit contract with Ukraine only path forward, long way yet to new legislation – Miller

2 min read
Extension of existing gas transit contract with Ukraine only path forward, long way yet to new legislation – Miller

An extension of the existing gas transit contract with Ukraine on updated market terms is the only way forward, since there is a long way yet until Ukraine implements European gas legislation, Gazprom chief Alexei Miller said in a meeting with Russian Prime Minister Dmitry Medvedev.

"At the moment, there is a long way to go yet until the conclusion of this process [Ukraine's implementation of European gas legislation] And in the event that an independent gas transport operator and an independent regulator are not created in Ukraine by January 1, 2020, the only way forward will be an extension of the current contract with new, updated market terms," Miller said.

An important question that remains is under which legislation a new transit agreement with Ukraine could be concluded, the Gazprom head said. "Ukraine has set itself the goal of transitioning to European legislation - the Third Energy Package beginning on January 1, 2020," he said. "You know that this procedure is not so quick, it demands the creation of an independent gas transport operator and an independent regulator, which will determine rates," Miller said.

Medvedev asked whether Ukrainian colleagues had responded to Gazprom. "We are in contact with them, and they are aware of the questions that have been asked. The ball is now in the Ukrainian court," Miller said.

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