Gazprom: Ukraine Missed Payment Deadline as IMF Sends Aid
Source: Bloomberg
OAO Gazprom (OGZD), Russia’s natural gas exporter, said Ukraine failed to meet its deadline to pay for April supplies as the crisis-torn country begins receiving cash from an international bailout package.
Ukraine’s overdue debt climbed to $3.51 billion, including the bill for last month, Gazprom spokesman Sergey Kupriyanov said by e-mail. State-owned NAK Naftogaz Ukrainy declined to comment. The International Monetary Fund provided Ukraine $3.2 billion under a $17 billion bailout accord yesterday.
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Ukraine will get an advance payment notice on May 16 if it hasn’t reduced its overdue debt, Russian Energy Minister Alexander Novak said after energy talks with Ukraine and the European Union in Warsaw on May 2. Failure to pay for June supplies by May 31 may lead Gazprom to curb deliveries, he said, echoing Putin’s warning.
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Ukraine is prepared to pay the debt in 10 days following an agreement by Gazprom to amend the contract to return to the previous price of $268 per 1,000 cubic meters, Interfax reported today, citing Ukrainian Prime Minister Arseniy Yatsenyuk.
Read more: http://www.bloomberg.com/news/2014-05-07/gazprom-says-ukraine-missed-april-gas-deadline-as-imf-sends-aid.html
Yatsenyuk: Ukraine prepared to settle gas debt within 10 days $268
Ukraine is prepared to complexly settle its debt for Russian gas within 10 days after Gazprom agrees to return the price to $268 per 1,000 cubic meters of gas and sign the corresponding supplementary agreement, Ukrainian Prime Minister Arseniy Yatseniuk said.
http://www.kyivpost.com/content/ukraine/yatseniuk-ukraine-prepared-to-settle-gas-debt-within-10-days-268-346867.html
$268 (£162) per 1,000 cubic meters isn't the market price. Spot price for LPG in Europe floats around the $400 per 1,000 cubic meter mark.