Market Watch: Ukrainian Naftogaz and RWE sign new agreement

A new agreement between German electric utilities company RWE and Ukrainian state oil and gas managing company Naftogaz has been signed on September 5, 2013, informed Eduard Stavytskyi, Minister of Energy and Coal Industry of Ukraine, as quoted by rbc.ua.

The newly signed document regulates both gas supply to Ukraine and gas storage in the Ukrainian underground facilities, reports Unian.

The cooperation with a German partner is part of Ukraine's effort to diversify its gas import and strengthen national and European energy security as Ukraine is not only buying the majority of its imported gas from Russia, but is also the transit country for Russian gas traveling to Europe.  MORE