Ukraine can only accumulate 14.5 bcm of gas in UGS without foreign fiscal aid – energy minister
Ukraine will only be able to accumulate 14.5 billion cubic meters (bcm) of gas for the heating season in underground gas storage facilities (UGS) without fiscal support from international financial institutions, Minister of Energy and Coal Industry Volodymyr Demchyshyn has stated.
"Without raising significant additional resources from outside we, having internal resources, available money, can currently start the heating season with 14.5 billion cubic meters of gas," he said at a press conference.
According to him, the existing technological capabilities allow the country to accumulate up to 19 billion cubic meters of gas in the UGS, as provided by the forecast balance, however this requires about $1 billion from outside Ukraine.
He also said that Ukraine is currently in negotiations with the EBRD, the World Bank, the IFC and other organizations.
At the same time, he noted that in the first half of 2015 gas consumption in the country declined by 25% and, accordingly, these figures will require the use of less fuel resources for the heating season.