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Ukraine's Naftogaz must lower debt to $100 mln by July - Gazprom

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Naftogaz, Ukraine's national oil and gas company, should reduce its debt from excess natural gas consumption to $100 million by July 1, the deputy chairman of Russian energy giant Gazprom's managing committee said Tuesday.

MOSCOW, June 20 (RIA Novosti) - Naftogaz, Ukraine's national oil and gas company, should reduce its debt from excess natural gas consumption to $100 million by July 1, the deputy chairman of Russian energy giant Gazprom's managing committee said Tuesday.

Alexander Ryazanov said, "We hope that by July 1 the debt will reach $100 mln, and will be fully repaid by September."

The debt stood at $370 mln as of June 15.

Ryazanov also said Naftogaz should store about 16 billion cu m of natural gas in underground storage facilities before October to ensure steady supply for winter and spring of next year.

"If Ukraine maintains the current storage rates, it will have the same problems it had last year, and it will certainly affect Russia," Ryazanov said.

Ukraine and Russia were involved in a bitter pricing spat at the start of the year, which was only resolved when the two countries' leading energy companies came to an agreement involving little-known trader Rosukrenergo. Russia has also accused Ukraine of illegally tapping natural gas meant for European consumers.

On February 2, Rosukrenergo announced it had formed a joint Russian-Ukrainian natural gas distribution venture on a parity basis with Naftogaz - Ukrgazenergo - which had received a license to supply 5.04 billion cu m of gas per year to Ukraine at $95 per 1,000 cu m for a period of five years.

However, Gazprom, which owns 50% Rosukrenergo's charter capital, recently said it may raise the price for gas supplied to Ukraine as of July 1.

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