16:06 13.01.2021

Energy Minister urges Naftogaz to actively seek transfer of gas sales point by Gazprom to border with Russia

2 min read
Energy Minister urges Naftogaz to actively seek transfer of gas sales point by Gazprom to border with Russia

Energy Minister Yuriy Vitrenko calls on NJSC Naftogaz Ukrainy to more actively seek the transfer by Gazprom of the point of sale of resources to the border with the Russian Federation, which would make it possible to form the gas price on the basis of the "hub minus" principle.

Naftogaz, both before and now, must work for this option to be available. And while there is no perfect competition, the state determines the level [of gas prices] ... So that vulnerable consumers do not suffer from the fact that Naftogaz does not do something in the national interest," he said on Facebook commenting on pricing on the gas market.

At the same time, Vitrenko noted that European companies, having received the opportunity to buy gas on the Russian-Ukrainian border, will be able to sell it in Ukraine at a "hub minus" price, and Ukraine will buy it not from Gazprom, but from the same companies, but on the eastern border.

He also stressed that the terms of the contract with Gazprom in 2019 fully allow for gas supplies on the basis of the "hub minus" principle, noting that the first step towards this was the decision of the Stockholm arbitration to establish the "hub" principle for Ukraine.

"I first made a hub, and this brought Ukraine $ 2 billion, then a new contract for $ 7.2 billion, which finally removed even technical barriers for 'hub minus'," Vitrenko wrote, noting that the dismissal from Naftogaz did not allow him to reach the next stage, namely the establishment of the "hub minus" principle.

At the same time, the minister drew attention to the strategic need to switch from gas imports to exports, which would make it possible to form the price of gas at export parity.

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