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Yesterday, Ukraine confirmed that it had begun to receive gas shipments from Russia’s state owned Gazprom (ticker: OGZPY) after a six-month cutoff, reports news agency ITAR-TASS.

“Imports from Russia began two days earlier than planned,” Ukraine’s gas transport company Ukrtrangaz said in a statement. Ukrainian Energy Minister Volodymyr Demchishin said Ukraine had paid Gazprom on Friday, December 5, for the delivery of 1 billion cubic meters (35.3 billion cubic feet) of natural gas.

Ukraine paid $378 million for December’s gas supplies, based on a price discount granted by Gazprom at gas talks between Moscow and Kiev with the European Union’s mediation in Brussels on November 30. The agreed upon price of Russian natural gas supplies is $378 per 1,000 cubic meters ($10.70/ Mcf) in the fourth quarter of 2014 and $365 per 1,000 cubic meters ($10.33/Mcf) in the first quarter of 2015, based on the talks in Brussels. By comparison, United States consumers (including the residential, commercial, industrial and electric sectors) paid an average price of $5.91/Mcf in September 2014, according to data from the Energy Information Administration. The industrial and electric sectors account for 83% of all U.S. natural gas consumption and pay a consumer price of less than $5.00/Mcf.

The current agreement between Ukraine and Gazprom requires Ukraine to pre-pay for its gas supplies every month.

Andriy Kobolyev, CEO of Ukrainian state energy company NAK Naftogaz Ukrainy, said Ukraine will probably offtake as much as 5 billion cubic meters (176.6 billion cubic feet) of Russian gas until the end of the winter season, reports Bloomberg Businessweek.

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.