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Ukraine Sees $160-170 as Fair Market Price for Russian Gas - Minister

© AFP 2021 / SERGEY BOBOKA picture shows a pressure gauge at a compressor station of Ukraine's Naftogaz national oil and gas company near the northeastern Ukrainian city of Kharkiv on August 5, 2014
A picture shows a pressure gauge at a compressor station of Ukraine's Naftogaz national oil and gas company near the northeastern Ukrainian city of Kharkiv on August 5, 2014 - Sputnik International
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Kiev considers $160-170 to be a fair market value for Russian gas, Ukraine’s Minister of Energy and Coal Industry Volodymyr Demchyshyn told Sputnik on the sidelines of the Nuclear Security Summit in Washington, DC.

WASHINGTON (Sputnik) – Russian Energy Minister Alexander Novak said Friday that Russia's gas price for Ukraine in the second quarter of 2016 will stand at under $180 per 1,000 cubic meters.

"Some $160-170, in this range," Demchyshyn said, when asked what price would work for Ukraine. "This is a fair market price."

Demchyshyn told Sputnik on Thursday that Kiev is willing to buy Russian gas at rates considerably lower than $180 per 1,000 cubic meters, claiming that the market rate for gas is below prices set by the Russian gas giant Gazprom.

"There is an agreement between Naftogaz and Gazprom signed in 2009 on extremely unprofitable condition for Ukraine <…> We say that this price is not sufficient to be profitable for Ukraine," Demchyshyn said on the sidelines of the Nuclear Security Summit in Washington, DC.

According to the minister, the European Commission has sent invitations to gas negotiations to both Kiev and Moscow.

"We received a letter on behalf of EU Commissioner Maros Sefcovic 10 days ago, and we responded to it a week ago. I talked to Sefcovic and he said that he was sending invitations to both parties. The invitation theoretically could not have reached Moscow, but it is unlikely," Demchyshyn said.

Gas pipes - Sputnik International
Russian Gas Price for Ukraine in 2016 Under $180 Per 1,000 Cubic Meters
On Thursday, the Russian government's quarterly discount for Ukraine of $17.77 per 1,000 cubic meters expired, with the end of first quarter price amounting to $212 per 1,000 cubic meters. The discount had been provided as part of the winter package agreed on by Russia, Ukraine and the European Union.

The same day, Naftogaz said that it had no plans to resume purchases of natural gas from Russia's energy giant Gazprom from April 1 but will continue to ensure uninterrupted transit of Russian gas to European consumers.

In October 2015, the energy company said that the country was stopping gas purchases from Gazprom, and any decision to continue to import gas from this supplier would depend on prices.

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