Naftogaz Starts Payment to Gazprom

Ukraine’s Naftogaz started paying its August gas debt to Russia’s Gazprom, calming fears of confrontation between the two countries. Naftogaz paid 9% of its $882 million debt.

Last week, Gazprom said Naftogaz did not respect the payment deadline for its August gas deliveries, raising concerns over the ability of Kiev to honour its debt with Moscow. 

ENERGY INDEPENDENCE

On Tuesday, Ukrainian President Viktor Yanukovich said that the country will become energy independent by 2020. 

“The implementation of large-scale projects with the corporations Shell and Chevron will permit Ukraine to reach the full provision with gas supplies by 2020 and according to the optimistic scenario to export the energy resources,” commented Yanukovich. 

He also noted that Ukraine’s government expects the coming Association Agreement with the EU to increase the investment attractiveness of the national energy sector.