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Ukrgaz-Energo Refuses To Supply Gas To Several Privat Companies

Ukrgaz-Energo Refuses To Supply Gas To Several Privat Companies

20 November 2008

Ukrgaz-Energo announced this morning that it would not supply gas to several Privat-controlled companies as the group already has 3.8 bln cubic meters in underground storage which it bought in 2005, before the hike in gas prices. Some of the Privat companies included on the list released by Ukrgaz-Energo include: Dniproazot (DNAZ: SELL), Zaporizh Ferroalloy (ZFER: BUY), Stakhaniv Ferroalloy (SFER: BUY), Pivdenny Iron Ore (PGZK: BUY), Sukha Balka (SUBA: BUY). Vladimir Nesterenko: Ukrgaz-Energo is reluctant to supply gas to the abovementioned companies this year, saying that they have enough gas, and if they get more they can resell it next year at a significantly higher price. If the information provided by Ukrgaz-Energo is correct, Privat has enough gas to supply all the companies mentioned for more than 3 years. However, if the group is not allowed to buy gas at this year’s price, it’s average cost of gas will be higher than it could be, as next year gas prices will increase. Dniproazot, which accounts for roughly 60% of Privat’s total gas consumption, will be affected more than the others.

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