GAS TRANSIT : NEW THREATS OVER UKRAINE'S GAZPROM DEBTS.

Europe Energy, February, 2008

Russia's gas giant, Gazprom OAO(1), once again threatened to cut supplies to Ukraine from 11 February in a continuing dispute over payment, estimated by Gazprom, of an outstanding US$1.5 billion. This new threat raised the specter again of a possible repeat of the 2005-2006 dispute when Gazprom actually cut gas supplies for four days to Ukraine in early January 2006. Worst hit were Austria and Slovakia, with supplies of Russian gas down 33% and Hungary, down 40%. In the current dispute, Ukraine's Naftogaz denies any outstanding debts with Gazprom. Ukrainian Prime Minister Julia Tymoshenko sees the problem originating in the indirect relations between Gazprom and Ukraine, passing via the intermediary company RosUkrEnergo. Timoshenko held talks over the weekend of 9 and...

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