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Naftogaz imports 923 mcm of gas in Oct-Feb

KYIV. March 10 (Interfax-Ukraine) – NJSC Naftogaz Ukrainy for the period from October 2022 to February 2023, thanks to international support, imported 923 million cubic meters of natural gas for a total of EUR 737 million, according to the company’s presentation to holders of defaulted eurobonds on Friday.

“A milder winter than expected led to revised required gas imports, down to 1.0 bcm from 2.9 bcm, thanks to international support,” the group said in the document.

Naftogaz said that if the average gas purchase price was about EUR 798 per 1,000 cubic meters, then in October using EUR 225 million from the EBRD the company managed to purchase 187 million cubic meters at an average price of EUR 1,203 per 1,000 cubic meters.

In December, when Naftogaz bought 414 million cubic meters of gas for EUR 323 million, its price fell to EUR 780 per 1,000 cubic meters.

Finally, in February, Naftogaz managed to purchase 322 million cubic meters of gas from Norway for EUR 189 million at an average price of EUR 587 per 1,000 cubic meters.

The company said that it used all available external funding to purchase gas, but was only able to drawdown EUR 225 million of the EUR 300 million EBRD sovereign guaranteed facility (the remaining EUR 75 million could not be withdrawn because of administrative issues).

According to the presentation, in general, 13.9 billion cubic meters of natural gas were spent for the heating season 2022/2023, of which 1 billion cubic meters was imported gas, 5.3 billion cubic meters was taken from underground storage facilities and 7.6 billion cubic meters produced by Ukrgazvydobuvannia.

Naftogaz said that for the rest of the season – March-April – 3 billion cubic meters are needed.

Of the 13.9 billion cubic meters, households consumed 6.6 billion cubic meters, heat utilities – 5.1 billion cubic meters, electricity producers – 0.8 billion cubic meters and others – 1.4 billion cubic meters.

According to the presentation, the forecast for gas demand for the next heating season is about the same – 14 billion cubic meters.