Ukraine allows private companies to export 15% of gas amid excess storage and deficit in the EU – “Our Money”
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For the first time since the war, despite Russian attacks on production infrastructure, Ukraine has sufficient reserves of natural gas and therefore allows partial gas exports to the EU for private production companies.
This is reported by the publication “Nashi Groshi” .
“Ukraine has sufficient reserves of domestically produced gas for the first time due to the destruction of industry (consumption in the country has decreased). And Europe has a gas deficit due to the US attack on Iran and disruption of supplies. That is why their price has skyrocketed,” Nashi Groshi reports.
According to media reports, 15.6 billion cubic meters have already been pumped into underground storage facilities, which already exceeds the target set by the government.
As a result, private gas producers were allowed to export 15% of their production. At today’s prices, they will be able to earn almost three times more from sales in Ukraine.
According to the “Ukrainian Energy Exchange”, the quoted price of natural gas at European hubs (Day-Ahead) to the Ukrainian border reaches 48 UAH/cubic m (excluding VAT). While the quoted gas prices within Ukraine are 19 UAH/cubic m (excluding VAT).
As previously reported in the media, the Ministry of Energy explains this decision by the need to stimulate domestic gas production, which has significantly decreased in recent years. The ministry expects that controlled exports will contribute to the restoration of damaged facilities, the launch of new wells and an increase in domestic production. According to media reports, 15% of production could potentially amount to about 50-60 million cubic meters of gas.
It was previously reported that Ukraine may partially resume exports of its own natural gas , which were banned after the start of Russia’s full-scale invasion. A draft resolution has already been prepared, but the final decision has yet to be made by the Cabinet of Ministers.
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