
Günther Oettinger, Vice-President of the EC in charge of Energy (on the right) and Aleksandr Novak, Russian Minister for Energy participated in the EU/Russia/Ukraine meeting which aimed at securing continued gas supplies and transit. To this effect Oettinger proposed a new compromise to secure gas supplies to Europe and the Ukraine during the winter season. The proposal envisages the following commitments:* Ukraine would settle its debts based on a preliminary price of $268,5$/1000m3 by making payments in two tranches: 2 Billion $ by the end of October and 1,1 Billion $ by the end of the year.* Gazprom and Naftogaz agree that at least 5 bcm based on a price of 385$/1000m3 will be delivered to Ukraine in the coming winter with the possibility for Naftogaz to order more gas if needed. 5 bcm is the minimum volume Ukraine considers it would need in the coming winter. There was no immediate reaction by the Russian minister.
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