11:23 31.12.2019

Naftogaz, Gazprom sign 5-year gas transit contract on 'pump or pay' principle – Naftogaz executive officer

1 min read
Naftogaz, Gazprom sign 5-year gas transit contract on 'pump or pay' principle – Naftogaz executive officer

The gas transit deal made between Naftogaz and Gazprom for 2020-2024 is based on the "pump or pay" principle, Naftogaz Executive Officer Yuriy Vitrenko said.

"The fact that we have signed the transit contract based on the 'pump or pay' principle is an extraordinary event in this context. I should say this is the first time in the history of Ukraine that Gazprom has concluded a transit contract on the basis of the European 'pump or pay' principle. Earlier, Gazprom relied on the 'take or pay' principle, which was similar but disadvantageous for Ukraine and lucrative for Russia, only in the area of gas supply," Vitrenko wrote on Facebook.

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