Ukraine, Germany sign gas supply deal
Kiev, May 11 (Xinhua-ANI): Ukraine's state-run oil firm Naftogaz said Friday that it has signed a framework agreement with Germany's RWEST Company on supplying natural gas to Ukraine.
"The agreement does not contain any mandatory obligation to buy or sell energy resources," Naftogaz said in a statement posted on its website.
Prices, supply volumes, as well as obligations of the parties will be determined by individual contracts, Naftogaz said.
In mid-March, Naftogaz said Kiev intends to purchase around 10 billion cubic meters of natural gas from Europe to reduce Ukraine's dependence on Russian gas.
Ukraine has been negotiating for about two years for lower prices for Russian gas, calling the present price unfair and contracts signed in 2009 "shackling."
Under an agreement between Naftogaz and Russia's gas giant Gazprom, which pegs the price of gas to that of oil, Ukraine will buy 52 billion cubic meters of gas per year. The contracts include the so-called "take or pay" principle, implying significant penalties for refusal to buy the fuel.
In the second quarter of 2012, Russian gas is sold to Ukraine at a price of 425 U.S. dollars per 1,000 cubic meters. (Xinhua-ANI)
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