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Home >> Business
UPDATED: 08:59, November 11, 2005
Russia, Ukraine fail to reach agreement in gas talks
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The talks held in Moscow on Thursday between Russian natural gas monopoly Gazprom and Ukraine's state-owned oil and gas company Naftogaz concluded without any results, the Itar-Tass news agency reported on Thursday.

The talks over terms of supplies and transit of Russian gas to Ukraine in 2006 were unsuccessful because the Ukrainian side insisted on keeping the existing terms unchanged,the press office of the Russian company was quoted as saying.

For five years, Ukraine has been buying Russian gas at an unchanged heavily discounted rate of 50 US dollars per 1,000 cubic meters.

But in the same period, gas prices on European markets have surged, the report said.

The market gas price calculated under the net back method (i.e. gas price on the "base market" minus transportation expenses) amounts to some 160 dollars per 1,000 cubic meters, according to the report.

Media reports have suggested Moscow was considering doubling the gas cost. In return, Ukraine has warned it would retaliate by raising transit fees.

Source: Xinhua

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