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OIL AND GAS
European natural gas supplies at winter levels, Gazprom says
 by Daniel J. Graeber
 Moscow (UPI) Jun 27, 2013


Russia ready to use yuan or ruble for Chinese gas deals
Moscow (UPI) Jun 26, 2013 - The head of the accounting department at Russian energy company Gazprom says there's no risk in using either Chinese or Russian currencies for gas transactions.

"In regard to using the yuan or rubles in accounting, we are basically ready for that, we think that this is completely normal," Gazprom finance chief Andrei Kruglov said. "There are no risks for Gazprom, except for minor transaction expenses."

One Chinese yuan traded Thursday for 5.4 Russian rubles.

Russian Energy Minister Alexander Novak had said gas payments would be made in U.S. dollars. The Finance Ministry is considering switching to the ruble for export goods.

First deliveries from a 30-year contract signed between China and Russia in May would start with the delivery of 1.3 trillion cubic feet through a Russian gas pipeline to China as early as 2018.

Gazprom has sought entrance into the growing Asian market in an effort to diversify an asset base tied to a European economy still struggling to grow. Ongoing disputes over gas debt in Ukraine, which transports the bulk of Russian gas supplies to Europe, adds another layer of risk to Gazprom's consumer foundation.

European consumers serviced by Gazprom are getting natural gas at levels they'd normally get during the winter, the company's chief executive said Friday.

Gazprom CEO Alexei Miller said the volume of gas to Europe is more than sufficient to meet demands. Gazprom, he said, is helping address the shortage of natural gas extraction from European countries.

"We have been able take advantage of these circumstances, as we have enough resources and transportation capacity," he said Friday.

Gazprom meets about a quarter of the gas needs of the European market. Most of that runs through a Soviet-era gas transmission network in Ukraine.

The company said this week gas supplies were moving through Ukraine according to its contractual obligations. Earlier this month, Gazprom said it wouldn't send gas to Ukraine unless it was paid in advance.

Gazprom says Ukraine is billions of dollars in debt. Gas debt rows in 2006 and 2009 caused natural gas supply disruptions in Europe.

Gazprom is trying to add a layer of diversity to its transit options with its South Stream gas pipeline though southern Europe. European leaders have balked at the project and are moving on their own strategies to get gas from alternate suppliers in the Caspian region.

Natural gas moving through Ukraine, Russian energy company says
Moscow (UPI) Jun 26, 2013 - Russian energy company Gazprom said Thursday it's sent 9.7 billion cubic feet of natural gas through Ukraine within the last 24 hours.

Gazprom spokesman Sergei Kupriyanov said the amount of gas sent across Ukrainian territory was in line with the company's contract with Ukrainian energy company Naftogaz.

The amount of gas delivered through Ukraine has been consistent so far this week, the spokesman said. It's increased, however, from the 6.5 million cubic feet sent across Ukraine on June 18.

Gas shipments to Ukraine were halted June 16 when Gazprom said it needed to be paid in advance by its Ukrainian counterparts.

Gazprom meets about a quarter of the gas demands from Europe, though most of that runs through the Soviet-era transit network in Ukraine. Gazprom says it's owed billions of dollars in outstanding gas debt from Ukraine and similar rows in 2006 and 2009 resulted in gas shortages for Europe.

June meetings between Russian, Ukrainian and European authorities focused on settling the debt issue.

Gazprom says those negotiations are ongoing.

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