Experts of the Energy Studies Center say that the agreements reached between national joint stock company Naftohaz Ukrainy and Russia's Gazprom natural gas monopoly about new terms for gas deliveries to Ukraine do not contain a complex solution to the Ukraine - Russia discord on gas issues.

Ukrainian News learned this from center head Kostiantyn Borodin.

"The agreement signed gives no answers to the question who is going to supply gas to Ukraine in 2008, RosUkrEnergo or Gazprom, and thus will serve as a subject for further bargaining between the companies," Borodin says.

He reminded that the second item of the agreement stipulates the creation for work in Ukraine's home market of a subsidiary of Gazprom which would be able to sell Central Asian gas to be purchased from Naftohaz Ukrainy directly to Ukrainian industrial users.

At the same time, the expert says, the agreement does not refute the possibility of independent purchase by Gazprom's Ukrainian affiliate of Russian gas from the Russian holding directly, and its supply to Ukrainian consumers bypassing Naftohaz Ukrainy and the quota of 7.5 billion cubic meters.

"Taking into account the fact that regulation of the Central Asian gas price is an exclusive competence of Gazprom, one cannot exclude that in 2009 the price of imported Central Asian gas will exceed the Russian gas price," Borodin said adding that thus Gazprom's 100-percent subsidiary will obtain a monopoly on the import of the cheapest gas for Ukrainian consumers, and the purchase of Central Asian gas by Naftohaz Ukrainy will appear to be inexpedient.

Apart from this, the expert says the price of purchase by Naftohaz Ukrainy from RosUkrEnergo of Russian gas in the first quarter of the year, called in press reports as USD 315 for 1,000 cubic meters, was not fixed by the agreement.

"It means that the called price is not ultimate and may be revised, or the parties signed a number of other documents that may contain additional, unprofitable for Ukraine, terms," Borodin noted.

He added that the agreement also does not determine the status of Russian gas purchase as a commodity credit, and does not stipulate terms or machinery for returning this commodity credit by Naftohaz Ukrainy.

The agreement, according to Borodin, does not envisage either any period of settlements for the gas used by Naftohaz Ukrainy consumers with the supplier, which makes possible a new conflict between the parties on the repayment terms.

As Ukrainian News earlier reported, at the end of the talks on February 12, Naftohaz Ukrainy and Gazprom signed the agreement on development of relations in gas sector.

Under the agreement, Ukraine will receive at least 49.8 billion cubic meters of Central Asian gas in March - December 2008 at a price of USD 179.5 per 1,000 cubic meters.

Naftohaz Ukrainy will buy the gas at the border.

The supply of 5.2 billion cubic meters of Central Asian gas in January - February will be duly stipulated in documents and paid for under contracts with RosUkrEnergo and Ukrhaz-Energo.

Starting on April 1, 2008, Gazprom's subsidiary or affiliated company will annually make direct supplies of gas to Ukrainian industrial consumers in the volume of at least 7.5 billion cubic meters.

In addition, considering the technical schedule of delivery of Central Asian gas and its absence in the first quarter, Naftohaz Ukrainy will sign a contract with RosUkrEnergo on the purchase of Russian gas that was delivered to Ukraine in January - February 2008 at a basic price of USD 315 per 1,000 cubic meters. Payments under this contract may be effected by way of returning a corresponding volume of gas.