Naftogaz CEO: Russian gas transit via Ukraine not critical to Europe

Europe receives about 14 billion cubic meters of natural gas via Ukraine’s gas transmission system annually, while the consumption rate of European countries is about 350 billion cubic meters per annum.

The relevant statement was made by Naftogaz Group CEO Oleksiy Chernyshov in an interview with France’s Le Figaro, an Ukrinform correspondent reports, referring to the company’s press service.

“This contract is expiring on December 31, 2024, and we have no intention to sign a new one. To make it easier for you to imagine the scale, I will tell you that the transit volume is 14 billion cubic meters per annum, while Europe consumes about 350 billion cubic meters [annually – Ed.]. Hence, we are not talking about a critical volume,” Chernyshov told.

Moreover, in his words, the amount of money that Naftogaz receives from transit operations is less than the cost of the process itself.

Chernyshov mentioned that, despite the war, Naftogaz Group continues investing in the increased production of natural gas. In his opinion, Ukraine may become a gas exporter in the future.

“We will continue investing to produce higher volumes. We also encourage private companies holding 20% of the market to do so,” Chernyshov added.

A reminder that, according to European Commissioner for Energy Kadri Simson, the EU has no interest in prolonging the trilateral agreement on Russian gas transit through Ukraine. Instead, the EU will continue supporting Ukraine and promote the further integration of its gas transmission system into the EU market.