Ukraine’s Energy Future Lies in Good Governance, Not in Diversification

... 2014, some 2 billion cubic meters per annum (bcma) produced by Ukrnafta – an upstream subsidiary of Naftogaz – were sold to private entities at the highly discounted price of $15 - $26/1000 cubic metres , representing only a fraction of Ukraine’s industrial tariffs. Naftogaz was forced to source these volumes abroad by paying on average $700 million per year. It is estimated that at least 3 bcm of gas produced by Naftogaz and its subsidiaries do not reach intended customers in the residential/heating sector. REUTERS/Valentyn ...