Bloomberg: Ukraine needs to import record 5 billion cubic metres of gas due to Russian attacks

Ukraine may import a record 5 billion cubic metres of gas from Europe because of Russian attacks on energy infrastructure and depleted reserves.

Source: Bloomberg

Details: Dmytro Sakharuk, CEO of D.Trading, the trading arm of DTEK, Ukraine’s largest private energy company, has said that "we believe that Ukraine will need up to 5 billion cubic metres in the season from April 2025 to April 2026". 

In an interview at the Financial Times Commodities Global Summit, he stated that this is much more than the previous season's maximum of 1 billion cubic metres.

Sakharuk said that the country had already used up its gas reserves because of Russia's strikes. "Those stocks should be rebuilt. That’s why the volumes here are also quite substantial," Sakharuk said.

Recent attacks have significantly reduced gas production by state-owned Naftogaz by a third. This has forced Ukraine to buy expensive fuel from the EU. "Even if a halt in attacks on energy infrastructure falls into place, it will take time for Ukraine’s domestic output to normalise," Sakharuk said, adding that new attacks cannot be ruled out.

The gas market is becoming increasingly tense, with prices in Europe rising ahead of the stockpiling season.

Background:

• Ukraine may buy significant volumes of US gas this year through terminals in Germany, Greece, Lithuania and Poland.
• Ukraine’s Naftogaz and Polish energy company ORLEN signed a memorandum of strategic cooperation for the supply of liquefied natural gas (LNG).
• Kyiv sees prospects for cooperation with the US, particularly in the supply of liquefied natural gas (LNG).

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