National Joint Stock Company Naftogaz of Ukraine plans to begin purchasing gas from the EU using funds from an EBRD loan, with the first purchases potentially occurring as early as September.
This information was confirmed by Naftogaz's CEO, Oleksiy Chernyshov.
According to sources, the gas purchases will be handled through a customs warehouse. The gas will be paid for and then stored in Ukraine's underground storage facilities.
However, Naftogaz will not pay VAT on the goods until they are cleared through customs. While the gas is in the customs warehouse regime, Naftogaz will not be able to use it.
The volume of gas to be purchased is currently unknown, but the EBRD loan amounts to €200 million. Given that gas prices have risen to around $450 since the beginning of summer, the volume could be up to 450 million cubic meters.
The purchase volume may be even higher, considering Naftogaz has additional funds beyond the loan. According to sources, the purchase could reach up to 600 million cubic meters.
Moreover, until the goods are cleared through customs, the transaction will not be considered an import. Thus, Naftogaz intends to stockpile gas, which can be promptly cleared and used if needed.
It is noteworthy that gas can be stored in a customs warehouse for up to three years
