ICIS Shares Intelligence on Russia-Ukraine Relations as Natural Gas Crisis Unfolds

Jun 18, 2014, 09:35 ET from ICIS

LONDON, June 18, 2014 /PRNewswire/ --

Russian producer Gazprom halted supplies of natural gas to Ukraine as of 10am Moscow time on 16 June after the supplier switched Ukrainian incumbent Naftogaz to a pre-payment system for gas. European transit via Ukraine has not been affected. Established energy market intelligence provider, ICIS, has held a webinar on the role of Ukraine in Russian natural gas supply to Europe. The webinar focuses on fundamentals of the Russia-Ukraine relationship in the gas sphere, and the effects on the European natural gas sector, providing information crucial for understanding the current crisis.

The supply halt comes after weeks of negotiations between the EU, Ukraine and Russia failed to result in an agreed price that Ukraine would pay for Russian gas. The transit country owes a debt of $4.5bn (€3.3bn) to Gazprom for gas supply but refuses to pay claiming that Russia is over-charging it for gas.

Ukraine transits more than 50% of total Russian gas supplies to Europe. The relationship between the two countries continues to be key for Russia as a supplier and has a profound impact on its relations with Europe. Moreover, the current crisis may test Ukraine's commitment to adhere to European rules and respect its obligations as a transit country.

The webinar was chaired by Katya Zapletnyuk, editor of ICIS Heren European Gas Markets (EGM), a fortnightly report covering trends and events affecting price movements on European wholesale natural gas hubs. Katya has been covering the European gas sector for seven years with a focus on Russia and Ukraine.

"While Ukraine's desire to negotiate the price down is understandable, its poor record of respecting contractual obligations undermines its credibility. Transit obligations to Europe will be crucial for Ukraine's reputation in this crisis and ICIS will keep its readers up to speed with the latest developments," said Katya Zapletnyuk.

About ICIS 

ICIS is the world's largest petrochemical market information provider, and has fast-growing energy and fertilizer divisions. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions.  We have over 30 years' experience of providing pricing information, news, analysis and consultancy to buyers, sellers and analysts.

With a global staff of more than 800, ICIS has people based in Houston, Washington, New York, London, Montpellier, Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. ICIS is part of Reed Business Information.

Reed Business Information  

At Reed Business Information we provide information and online data services to business professionals worldwide. Customers have access to our high-value industry data, analytics, information and tools. Our strong global brands hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day.  RBI is part of Reed Elsevier, a leading global provider of data, information and solutions for professional customers.


This message is intended only for the use of the person(s) ("Intended Recipient") to whom it is addressed. It may contain information, which is privileged and confidential. Accordingly any dissemination, distribution, copying or other use of this message or any of its content by any person other than the Intended Recipient may constitute a breach of civil or criminal law and is strictly prohibited. If you are not the Intended Recipient, please contact the sender as soon as possible.

Reed Business Information Limited. Registered Office: Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS, UK.

Registered in England under Company No. 151537

For further information about this release, please contact:
Jacqueline Savory