Ukraine resumes reverse gas imports from Europe

Ukraine resumes reverse gas imports from Europe
# 15 April 2014 19:19 (UTC +04:00)

The deliveries are carried out within the framework of a 2010 agreement between the two companies, said the press service of Ukrtransgaz, the transport arm of Naftogaz.

Under the deal, RWE, Germany's second biggest power supplier, may deliver up to 10 billion cubic meters of gas bought in Europe to Ukraine annually.

Kiev decided to buy natural gas on the European markets to trim its reliance on Russian supplies, which cost 485 U.S. dollars per 1,000 cubic meters in the second quarter of 2014.

The daily price of gas on the European spot market now fluctuates from 350 to 400 dollars per 1,000 cubic meters.

Most of Europe's gas pipelines were designed to only send gas in one direction, for instance from Russia westward through Ukraine and into the European Union.

The so-called "reverse gas flows" allow gas to flow in the opposite direction, potentially providing a lifeline to Ukraine should Russia cut supplies.

Last year, Ukraine imported about 30 billion cubic meters of gas, of which about 2 billion came from Europe.

On Jan. 1, Kiev halted gas purchases from Europe after Russia agreed to cut the price of its gas supplies to Kiev by a third.

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