Naftogaz, Gazprom sign five-year gas transit contract

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Following Ukraine-russia-European Union talks, the parties signed a new contract for gas transit to Europe, Ukrinform reports.

“Our team has defended Ukraine’s national interests. This will have a positive impact on energy markets and will be a significant factor in reducing gas prices in the market. Ukraine has once again proven to its European partners that it is a reliable partner that fulfills its obligations and guarantees energy security in the region,” Prime Minister of Ukraine Oleksiy Honcharuk posted on Facebook.

The gas transit contract was concluded for five years with the possibility of extension for another ten years on the same terms. The minimum guaranteed volume of transited gas is 65 billion cubic meters for the first year and 40 billion cubic meters for the next four years. However, the actual volume may be higher.

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