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Rada ties calculation of gas royalty to domestic sales prices
KYIV. Sept 20 (Interfax-Ukraine) – The Verkhovna Rada of Ukraine has adopted bill No. 7732 on amending the calculation of the royalty for the use of subsoil for natural gas production.
According to the voting results on the website of the Rada, 264 MPs supported the bill at the first reading, 268 at the final reading.
From August 1, 2022 until the complete lifting of the ban on the export of Ukrainian gas, it is planned to remove from the royalty calculation the average value of the customs value of imports and quotations at the Dutch TTF gas hub.
Instead, the calculation will be carried out based on the maximum indicator of one of the values:
– the weighted average price in the contracts of Naftogaz Ukrainy, concluded within the framework of the purchase of natural gas of own production on organized commodity markets;
– the average weighted price of selling natural gas based on the results of auctions on organized commodity markets, excluding Naftogaz and its subsidiaries;
– the average arithmetic value of UA VTP Gas price for the next month and the same on the conditions of prepayment.
The initiators of the bill explain that due to Russian military aggression and gas blackmail organized by it, gas prices in Europe have reached record levels. At the same time, the ban on the export of Ukrainian gas and the decrease in consumption within the country led to the fact that in August of this year its production became unprofitable, since the sale price in Ukraine is three times lower than European prices.
"As a result, most of the gas production has become unprofitable, which leads to a decrease in the volume of gas production and increases dependence on the import of natural gas in Ukraine. Therefore, it is proposed to regulate and optimize the issues of determining the taxable base for natural gas produced in Ukraine from August 1, 2022, by changing the mechanism determining the actual sale price," the document says.
