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Russia, Ukraine to sign gas deal, Europe waits for flows to resume
Published in Saudi Press Agency on 19 - 01 - 2009

Russia and Ukraine were set to iron out the final
details Monday on an accord to end a 12-day halt on gas deliveries to
Europe, but the European Union remained sceptical as it counted the
economic costs of the crisis, reported dpa.
Ukrainian Prime Minister Yulia Tymoshenko is expected back in
Moscow on Monday for the signing of the agreement she negotiated with
her Russian counterpart Vladimir Putin in talks that ran into the
early hours of the morning.
Russia and Ukraine's state gas monopolies Gazprom and Naftogaz
Ukrainy were working out the final details of the new contract on
pricing and transit of gas through Ukraine.
But doubt was rife among analysts that the breakthrough deal - the
second announced amid mounting EU pressure - was the end of the so-
called "gas war" that has disrupted flows of gas to Europe from
January 1.
"While we welcome the provisional resolution ... following the
collapse of last week's agreement to resume exports, we reserve
judgment until the gas actually starts flowing," Unicredit said in a
note to investors Monday.
In a joint statement after five-and-a-half hours of talks, Putin
and Tymoshenko said gas flows to Europe would resume "very shortly"
once the deal was signed.
The European Commission welcomed the news guardedly, saying the
real "test" would be whether gas flows reached Europe of not. "We
have seen many false dawns," it said.
Under the anticipated deal, Ukraine will pay European prices for
Russian gas deliveries from 2010, but with a 20-per-cent discount for
deliveries this year in return for keeping transit fees at 2008
prices.
This puts the price Ukraine would pay for gas at around 230
dollars for 1,000 cubic metres of gas, industry experts said, with
the price of gas expected to fall based on its peg to oil.
Russia cut gas to Ukraine after it refused to pay a fixed price
of 250 dollars - a huge increase on the 179.50 dollars it paid last
year.
Putin and Tymoshenko stayed mum on the exact price Ukraine will
pay for gas this year, and there was no mention of an outstanding
614-million-dollar debt for late payments claimed by Gazprom, which
Kiev rejects.
Analysts say it will be difficult for Ukraine to swallow the
higher energy prices as its economy hangs on the brink of bankruptcy,
relying on a 16.4-billion-dollar loan from the International Monetary
Fund.


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