Gazprom: Naftogaz Can Pay in Roubles

Ukrainian national gas company, Naftogaz Ukrainy will be able to pay for its gas supply from Russian Gazprom in Russian roubles, it was decided yesterday.

The decision follows a meeting between Chairman of Gazprom's Management Committee Alexey Miller and Ukrainian Energy Minister Yury Boiko on Monday. During the course of the meeting, both parties agreed to the option of paying for gas in Russian roubles.

"Gazprom and Naftogaz Ukrainy signed an addendum to the current gas purchase and sale contract," a statement from Gazprom said. "The addendum entitles Naftogaz Ukrainy to pay for Russian gas supplies in roubles."

The agreement would strengthen Ukraine's financial position in gas transactions. 

Mr. Miller and Minister Boiko also continued discussions on gas and supply cooperation ahead of an expected revised deal between the two companies. Following yesterday's meeting, Gazprom once again reasserted the possibility of a new deal by the end of the month.

"The parties were unanimous saying that the negotiations on the terms and conditions for Russian gas supplies to Ukraine could obviously be finished by the end of 2011," a statement for Gazprom said.