Naftogaz, Gazprom Ink Amendment to Gas Contract

Ukraine’s state energy company Naftogaz and Russia’s Gazprom reached a deal on gas prices. After suspending gas imports from Europe and drifting away from a free trade agreement with Brussels, Ukraine is reaping the benefits of stronger economic ties with Moscow.

On Thursday, the two companies signed a formal amendment to a gas contract cutting the price of Russian gas by a third for the first quarter of 2014, according to Reuters.

The price reported in the amendment – $268.5 USD per 1,000 cubic meters – confirms the agreement that the two countries disclosed in December.

The new price level will be reassessed every quarter, during the first ten days of each quarter.