You're reading: Gazprom agrees on $2 billion advance to Naftogaz for gas transit

MOSCOW - Russian gas giant Gazprom and Ukraine's national oil and gas company Naftogaz Ukrainy have signed an agreement whereby Gazprom provides a $2 billion advance for gas transit, Gazprom CEO Alexei Miller has told the press.

"Without a doubt, this agreement is fundamentally important for ensuring the pumping of gas into underground storage facilities in Ukraine in the necessary volume for getting through the autumn-winter maximum of 2012-2013," Miller said.