EU believes Ukraine to have enough gas in winter

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Ukraine has enough gas resources for local consumption in winter, if Russia suspends the deliveries, said sources from the European Union.

Ukrtransgas, the Ukrainian gas transportation monopoly, injects 850 million cub.m. of gas a week into the underground storages located mainly on the west of the country. The country satisfies needs in gas of 50 billion cub.m. a year at the expense of import from Russia.

According to the Gas Infrastructure Europe (GIE), now Ukrainian storages contain almost 11 billion cub.m. and the resources are replenished every week by 8% mainly at the expense of Russian gas. However, now the storages have only 34% of gas against 58.7% in Europe.

According to the European gas traders, if the deliveries are reduced, it will most likely a short-term period.

After annexation of Crimea to Russia prices in Europe went up for a short period, but on Wednesday they were close to a minimum level. European  Energy Commissar Gunter Oettinger said on Tuesday that in the coming days Russia and Ukraine will find agreement on the gas price.

There will be enough gas at the European market, owing to low consumption, said French Societe Generale bank. In quarter 1, 2014 consumption in seven countries, which constitute 63% of European Union demand, including UK, Italy and Spain,  was 21% less, than during the same period last year,  said the leading analyst of Societe Generale Tierry Broeu.

“We have not only come back to the pre-2000 consumption level, but we also do not have chances to achieve the level of 590 billion cub.m. even in case of extremely cold winter,” said Broeu, meaning annual consumption in Europe.

Some analysts believe that one should worry about the next winter, because Ukraine will have less gas resources and higher demand.


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