Russia, Ukraine to develop new gas cooperation agreement

Russia and Ukraine plan to develop a new intergovernmental agreement on cooperation in the natural gas sector, the press office of the Russian Energy Ministry said.

The countries discussed the issue at a meeting of the subcommittee on the fuel and energy complex of the Russian–Ukrainian Intergovernmental Commission and agreed to hold consultations in January–June 2010 on the preparation of a new draft gas cooperation agreement.

The Russian ministry didn’t provide any other details on the issue.

Ukraine insists on the inclusion into the new cooperation agreement of the option to monthly adjust the amount of gas purchased in order to buy only as much gas as is needed, a top-ranking source at Ukraine’s Fuel and Energy Ministry said.

The latest intergovernmental agreement on gas cooperation was signed by Russia and Ukraine in 2004. At present, Russian gas supplies to Ukraine are regulated by a gas supply contract signed by Russian gas giant Gazprom and Ukrainian oil and gas company Naftogaz Ukrainy in January, which is valid till 2019.

Russia and Ukraine have also agreed to hold consultations on increasing oil supplies to Ukrainian refineries and oil transit via Ukraine, the Russian Energy Ministry said.