Reuters: Ukraine plans to borrow $1 billion to buy gas, fuel oil for reserves

Ukraine plans to borrow $1 billion to establish a strategic reserve of natural gas and fuel oil to cover local needs in emergency situations, Prime Minister Arseny Yatseniuk said on Saturday.

"The government has adopted a decision to establish reserves of gas and fuel oil worth $1 billion via borrowing under state guarantees," Yatseniuk told a government meeting.

"This $1 billion will be spent to buy this strategic reserve," he added, giving no details about gas origin.

Ukraine, a traditional buyer of Russian gas, has said it hopes to cut its dependence on energy supplies from Russia and to switch to imports from European states.

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