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Ukraine Needs Up to $12 Billion to Boost Winter Gas Reserves

  • Source for gas purchase will come from budget, CEO says
  • Naftogaz to contest Gazprom transit contract in court

Ukrainian state-run energy company NJSC Naftogaz Ukrainy may need between $8 billion to $12 billion to purchase natural gas for winter after the government’s order to increase fuel reserves amid Russia’s invasion.

The company, which is buying gas now regardless how high prices are to fulfill the order, must raise volumes of the fuel held in storage to 19 billion cubic meters before the heating season that usually starts in mid-October, Chief Executive Officer Yuriy Vitrenko said Thursday in his office in downtown Kyiv.