RUSSIA OFFERS DISCOUNT

Russia is ready to give a discount for natural gas to Ukraine should Kiev pay off its debt to the tune of $2.237 billion, accumulated over the period until April 1, Russian Energy Minister Alexander Novak told journalists on May 16, ITAR-TASS has reported.

The debt of Ukrainian state energy company Naftogaz for the first quarter of 2014 totaled $1.6 billion. Besides, Ukraine remains in debt for 2013, owing some $637 million.

Ukrainian state energy company Naftogaz's debt to Moscow currently totals some $3.508 billion with the gas price standing at $485.5 per 1,000 cubic meter.

Moscow recently substantially raised the price for gas supplied to Ukraine from the figure of $268.5 per 1,000 cubic meters agreed last year when an association agreement with the European Union was shelved in November 2013.

oilandgaseurasia.com