Ukraine's expanding debt for delivered gas could have an impact on Gazprom's dividends and investment program, company CEO Alexei Miller said.
“The non-receipt of payment for gas means for Gazprom an
under-financing of our current investment program, the under-receipt of
revenue by our budget, and also [concerns] the question of dividend
payments to our stockholders. Among our private stockholders is a rather
large number of foreign stockholders. This is also their income and
their dividends. We need clarity in this matter,” Miller told the press
in Berlin.
Ukraine was discussed during a Thursday meeting with Germany’s
Economics Minister and Vice Chancellor Sigmar Gabriel, Miller said.
Ukraine’s gas debt now tops $1.8 billion, he said. “Since the year
began, that debt increases and increases from month to month. Yes,
Ukraine is in deep political crisis, but gas has to be paid for. And we
see today that our actions in regards to Ukraine are absolutely loyal.
We have every right, in line with the existing contract, to shift to
prepayment for the delivery of Russian gas to Ukraine. But we are not
doing that, and we see that this is a very important time for Ukraine
not to collapse economically [or] for risks to the transit of Russian
gas to Europe to arise,” Miller said.
“But this situation cannot continue forever. And we are paying the
most serious attention to how the situation is developing. Many now talk
about financial aid to Ukraine. The European Union talks about this,
the United States talks about this, may international financial-lending
organizations talk about this. There are reports the United States is
already prepared to extend Ukraine $1 billion in financial aid. But it
also must be noted that Russia is already providing Ukraine with
financial aid in the amount of $5 billion. And this is a credit of our
Russian government in the amount of $3 billion at the end of last year,
and the under-receipt by Gazprom of almost $2 billion for the delivery
of gas. This is, in effect, our advance to the Ukrainian economy,
Ukrainian industry,” Miller said. “In light of this, there should be
clear understanding of how and in what amounts financial aid will be
extended to Ukraine so that Ukraine can fully settle up [its] gas debts,
pay in full for current gas deliveries. We want our Ukrainian partners
to be solvent, we don’t want a gas crisis,” he said.
Miller went on to say that cooperation in the field of energy was
also discussed at the meeting. “Germany is partner number one for Russia
on the gas and energy market of Europe. Russian gas amounts to 40% of
overall German import. And we note a positive growth trend in the
delivery of Russian gas. Last year, deliveries amounted to more than 40
billion cubic meters, and growth of 20% was seen for the year,” he said.
Major energy investment projects were touched on at the meeting,
notably the gas pipeline Nord Stream, which directly connects Russia and
Germany and has increased the reliability and stability of Russian gas
deliveries to Germany. Also discussed was the South Stream pipeline.
“The is a project being realized strictly on schedule, and there is no
doubt that in December of next year the first deliveries of Russian gas
to Europe via this pipeline will begin,” Miller said.
