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Ukraine to double Europe's share in gas import balance

Xinhua, May 15, 2015 Adjust font size:

The Ukrainian government on Friday announced plans to double the share of natural gas deliveries from Europe in the country's gas import balance.

"This year, we will purchase at least 50 percent of gas from Europe," Ukrainian Prime Minister Arseny Yatsenyuk told the parliament, adding that the rest 50 percent will come from Russia.

Even though the price for reverse gas delivery from Europe is currently slightly higher than the cost of Russian gas, Ukraine will further continue its policy of gas supply diversification, Yatsenyuk said.

"We hope that the price of European gas will be more competitive than it is today," he added.

Currently, Ukraine is purchasing gas on the European spot market at a price of about 250 U.S. dollars per 1,000 cubic meters, while the cost of Russian fuel is set at 247.18 dollars per 1,000 cubic meters in the second quarter of 2015.

Last year, Ukraine imported 19.5 billion cubic meters of gas, of which 26 percent came from Europe and the rest from Russia. Endi